Income tax rate slab is changed in the recent budget by finance minister Pranab Mukherjee. The main highlights on income tax are.
- Tax slab revised
- Surcharge is reduced to 7.5 % from 10 % for domestic company
- extended income tax exemption to investment in infrastructure bonds by Rs 120,000.00
- Limits for turnover over which accounts need to be audited enhanced to Rs. 60lakh for businesses and to Rs. 15 lakh for professions.
Income tax Rate for Individual, Hindu undivided family, Association of Persons, Body of individual
| Income Slab | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 160000 | Nil | Nil | Nil |
| 160001 to 500000 | 10 % of income above 160000 | 2% | 1% |
| 500001 to 800000 | Rs 34000+20 % of income above 500000 | 2% | 1% |
| Above 800000 | 94000+30% of income above 800000 | 2% | 1% |
Resident women below 65 years at any time during the previous year
| Income Slab | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 190000 | Nil | Nil | Nil |
| 190001 to 500000 | 10 % of income above 190000 | 2% | 1% |
| 500001 to 800000 | Rs 31000+20 % of income above 500000 | 2% | 1% |
| Above 800000 | 91000+30% of income above 800000 | 2 | 1 |
Resident Senior Citizen age 65 years at any time during the previous year
| Net income range | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 240000 | Nil | Nil | Nil |
| 240001 to 500000 | 10 % of income above 240000 | 2% | 1% |
| 500001 to 800000 | Rs 26000+20 % of income above 500000 | 2% | 1% |
| Above 800000 | 86000+30% of income above 800000 | 2% | 1% |
Income tax rate for Partnership firm
| Income-tax rates | Surcharge | Education cess | Secondary and higher education cess |
| 30% | 0 | 2% | 1% |
In come tax rate for company
- Domestic company: – 30 %
- Company other than domestic company
50 % in the following cases
Royalties received from govt or an Indian concern in pursuance of an agreement made by it with the government or the Indian concern after the 31st day of March 1961 but before the first day of 1976
Or
Fee for rendering technical services received from government or an Indian concern in pursuance of an agreement made by it with the govt: or the Indian concern after 29th day of februry 1964 but before 1st day of april 1976
on the balance, if any of the total income @ 40 %
Surcharge in the case of company
Domestic company : surcharge is applicable if income exceeding 1 crore @ 7.5%
Other than domestic company : total income exceeding 1 crore @ 2.5 %
Provided that in case of every company having total income exceeding one crore rupees, the total amount payable as income tax and surcharges on such income shall not exceed the total amount payable as income tax on a total income of one crorerupees by more than the amount of income that exceeds one crore rupees
Co –Operative societies
| Net income range | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 10000 | 10% | 2% | 1% |
| 10000 to 20000 | 20% | 2% | 1% |
| 20000 and above | 30% | 2% | 1% |
No surcharge is applicable to co-operative societies
Local Authorities
Taxable at the rate of 30 %, No surcharge is applicable for Local authorities, education cess2 % Secondary higher education cess is 1%
esi slabs after budget for 2010-2011
wage ceiling enhancement
pls guide -new esi slabs
[Reply]
No modifications to Wealth Tax Rate and unchanged securities transaction tax is some of the interesting stuff in the tax slab..
[Reply]