For the AY 2008-09 (FY 2007-08) for an individual, HUF (other than woman or senior citizen)
Upto Rs. 110,000 | Nil |
Rs. 110,001 to Rs. 150,000 | 10% of income above Rs. 110,000 |
Rs. 150,001 to Rs. 250,000 | Rs. 4,000 plus 20% of income above Rs. 150,000 |
Above Rs. 250,000 | Rs. 25,000 plus 30% of income above Rs. 250,000 |
For women, the minimum limit of Rs. 110,000 is to be increased to Rs. 145,000 and for senior citizens to Rs. 195,000.
A surcharge of 10% of the total tax liability is applicable where the total income exceeds Rs. 10 lacs.
For persons, other than individuals and HUFs, the tax rates are as follows:
In case of a cooperative society:
Upto Rs. 10,000 | 10% of the total income |
Rs. 10,001 to Rs. 20,000 | Rs. 1,000 plus 20 % of the amount by which the total income exceeds Rs. 10,000 |
Above Rs. 20,000 | Rs. 3,000 plus 30 % of the amount by which the total income exceeds Rs. 20,000 |
In case of every firm: - 30%*
In case of a domestic company:- 30%*
In case of a foreign company:- 40%**
*In case the income of a domestic company or a firm exceeds Rs. 1 Crore, surcharge @ 10% is applicable.
** In case the income of a foreign company exceeds Rs. 1 crore, surcharge @ 2.5% is applicable.
The tax and surcharge, as mentioned above, is to be increased by 3% education cess.