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IT tax rat slab AY 07-08

Wednesday, April 11, 2007

Below is all the information for you to easily calculate Income tax slab for financial year 2007-2008 assessment year 2008-2009 as per the Indian Income Tax Department publications.

Taxable income slab (Rs.) Rate (%)
1,10,000 (individuals other than women/senior citizens) NIL
1,45,000 (for women) NIL
1,85,000 (for senior citizens) NIL
1,10,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*


* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge

For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate

Upto 145000 nil
145000 to 150000 10% of (TI-145000) + 3% education cess
150000 to 250000 500+20% of (TI-150000) +3% education cess
250000 to 1000000 20500+30% of (TI- 250000) +3% education cess
above 1000000 245500+30%of (TI-1000000) +10% of income tax Surcharge + 3% of
income tax and surcharge

For resident senior citizen (who is of 65 years or more at anytime during the previous year)

upto 195000 nil
195001 to 250000 20% of (TI-195000)+3% edu cess
250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
above 1000000 236000+30% of (TI- 1000000)+10% sc +3% edu cess

For any other individual, every HUF/AOP/BOI/Artificial juridical person

upto 110000 nil
110000 to 150000 10%of (TI - 110000)+3% ec
150001 to 250000 4000+20% of (TI-150000)+3% ec
250001 to 1000000 24000+30% of(TI- 250000)+3%ec
above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec

* ec Education Cess
* sc Surcharge
* TI Toal Income

Individuals-other than senior citizens and ladies

Up to 110000- No Tax
110001 to 150000-10%
150001to250000-20%
250001and above-30%
Ladies other than Senior Citizens
Up to 145000-No Tax
145001 to 150000-10%
150001to250000-20%
250001and above-30%
Senior Citizens
Up to 195000-No tax
195001to250000-20%
250001and above-30%
Investment u/s 80C eligible for deduction from income-Rs.100000

Posted by FR at 3:42 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.