Income tax rates in India 2009-10
Most of the readers have already been updated with the new income tax rate for the assessment year 2010-11 however we would like to keep an income tax rate chart for those who are not aware of the change.
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 |
| 160000 to 300000 | 10 % of income above 160000 | 2% | 1% |
| 300000 to 500000 | Rs 14000+20 % of income above 300000 | 2% | 1% |
| Above 500000 | 54000+30% of income above 500000 | 2% | 1% |
Resident women below 65 years
| Income Slab | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 190000 | Nil | Nil | Nil |
| 190000 to 300000 | 10 % of income above 190000 | 2% | 1% |
| 300000 to 500000 | Rs 11000+20 % of income above 300000 | 2% | 1% |
| Above 500000 | 51000+30% of income above 500000 | 2 | 1 |
Resident Senior Citizen age 65 years
| Net income range | Income-tax rates | Education cess | Secondary and higher education cess |
| Up to 240000 | Nil | Nil | Nil |
| 240000 to 300000 | 10 % of income above 240000 | 2% | 1% |
| 300000 to 500000 | Rs 6000+20 % of income above 300000 | 2% | 1% |
| Above 500000 | 46000+30% of income above 500000 | 2% | 1% |
Partnership firms
Partnership firm income is taxable at the rate of 30 %, Surcharge is not applicable
Education cess is 2% and Secondary higher education cess is 1% on income tax.
Companies
Domestic company @ 30 %
In case of foreign company
50 % in the following cases if the below said agreement approved by central Govt
- Royalty received from government or an Indian concern in pursuance of an agreement made with an Indian concern after march 31,1961, before april1,1976
- Fee for technical service rendering in pursuance of an agreement made with an Indian concern after February 29 1964 but before april 1,1976.
40% for other income
Surcharges is not applicable if net income does not exceed Rs 1 Crore, If net income exceeds Rs 1 crore surcharges is applicable @ 10 % for domestic company and 2.5% in case of a foreign company.
Education cess is 2% and Secondary higher education cess is 1% on income tax.
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%
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