Business Q&A

Question:
What is the cuurent rate of income tax in india?

Answer:
The present Income Tax Rates for Financial Year 2005-2006 are as follows -

For Individuals ( Women )

Income not exceeding Rs.1,35,000/-
– Nil
Income exceeding Rs.1,35,000/- but does not exceed Rs.1,50,000/-
– 10% of excess over Rs.1,35,000/-
Income exceeding Rs.1,50,000/- but does not exceed Rs.2,50,000/-
– Rs.1,500/- + 20% of excess over Rs.1,50,000/-
Income exceeding Rs.2,50,000/-
– Rs.21,500/- + 30% of excess over Rs.2,50,000/-

If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax

Education Cess @2% of Income Tax and Surcharge, if any

For Individuals ( Senior Ceitizan-Attains 65 years )

Income not exceeding Rs.1,80,000/-
– Nil
Income exceeding Rs.1,80,000/- but does not exceed Rs.2,50,000/-
– 20% of excess over Rs.1,80,000/-
Income exceeding Rs.2,50,000/-
– Rs.14,000/- + 30% of excess over Rs.2,50,000/-

If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax

Education Cess @2% of Income Tax and Surcharge, if any

For Individuals ( Others ) / HUF / AOP / BOI

Income not exceeding Rs.1,00,000/-
– Nil
Income exceeding Rs.1,00,000/- but does not exceed Rs.1,50,000/-
– 10% of excess over Rs.1,00,000/-
Income exceeding Rs.1,50,000/- but does not exceed Rs.2,50,000/-
– Rs.5,000/- + 20% of excess over Rs.1,50,000/-
Income exceeding Rs.2,50,000/-
– Rs.25,000/- + 30% of excess over Rs.2,50,000/-

If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax

Education Cess @2% of Income Tax and Surcharge, if any

For Firm

On whole of Income
– 30%

Surcharge @10% of Income Tax

Education Cess @2% of Income Tax and Surcharge

For Domestic Company

On whole of Income
– 30%

Surcharge @10% of Income Tax

Education Cess @2% of Income Tax and Surcharge

Resource related business question and answer:

Fix/Term Diposit | Rajkot Nagarik Sahakari Bank Ltd.

Monthly Regular Income : In ... Rate of Interest ... Bill / Telephone Bill / House Tax Bill Etc. Introduction

---

Moneycontrol >> Messageboard >> Personal Finance >> Retirement

... to have a PAN number ( permanent account number for income tax ... If I assume ur cuurent MLY. Exp. around 10K, my dear at ur ... be 1.5L Rs. per month for ur age 65 at an inflation rate ...

---