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Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:
Assessment Year 2007-08, Relevant to Financial Year 2006-07
For Individuals below 65 years age, other than Woman Assessees:
|
Income
|
Tax Rate
|
|
Upto 100,000
|
Nil
|
|
100,000 to 150,000
|
10% of the amount exceeding 100,000
|
|
150,000 to 250,000
|
Rs.5,000 + 20% of the amount exceeding 150,000
|
|
250,000 & above
|
Rs.25,000 + 30% of the amount exceeding 250,000
|
For Woman Assessees below 65 years:
|
Income
|
Tax Rate
|
|
Upto 135,000
|
Nil
|
|
135,000 to 150,000
|
10% of the amount exceeding 135,000
|
|
150,000 to 250,000
|
Rs.1,500 + 20% of the amount exceeding 150,000
|
|
250,000 & above
|
Rs.21,500 + 30% of the amount exceeding 250,000
|
For Individuals aged 65 years and above:
|
Income
|
Tax Rate
|
|
Upto 185,000
|
Nil
|
|
185,000 to 250,000
|
20% of the amount exceeding 185,000
|
|
250,000 & above
|
Rs.13,000 + 30% of the amount exceeding 250,000
|
Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.1,000,000
Education Cess: 2% of Income Tax plus Surcharge
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