Disclaimer: This document has been prepared purely for academic purposes only
and it does not
Necessarily
reflect the views of ICSI. Any person wishing to act on the basis of this
document should
do so only after cross checking with the original source.
(1) TAX RATES
(a) In case of
Individual (including women) or Hindu undivided family or association of
persons
or body of
individuals or every artificial juridical person:
Upto `2,00,000
`2,00,001 to
`5,00,000
`5,00,001 to
`10,00,000
`10,00,001 and
above
Nil
10 % of the
amount in excess of `2,00,000
`30,000 plus 20
per cent of the amount in excess of
`5,00,000
`1,30,000 plus
30 % of the amount in excess of
`10,00,000
(b) In the case
of every individual, being a resident in India, who is of the age of sixty
years or
more at any
time during the previous year but not more than 80 years on the last day of
the
previous year:-
Upto `2,50,000
`2,50,001 to
`5,00,000
`5,00,001 to
`10,00,000
`10,00,001 and
above
Nil
10 % of the
amount in excess of `2,50,000
`25,000 plus 20
per cent of the amount in excess of
`5,00,000
`1,25,000 plus
30 % of the amount in excess of
`10,00,000.
(d) In the case
of every individual, being a resident in India, who is of the age of 80 years
or
more at any
time during the previous year:-
Upto `5,00,000
`5,00,001 to
`10,00,000
`10,00,001 and
above
Nil
20 % of the
amount in excess of `5,00,000
`1,00,000 plus
30 % of the amount in excess of
`10,00,000.
(e) In the case
of every co-operative society:
(1) where the
total income does not
exceed `10,000.
(2) where the
total income exceeds
`10,000 but
does not exceed
`20,000.
(3) where the
total income exceeds
`20,000
10 % of the
total income;
`1,000 plus 20%
of the amount by which the total
income exceeds
`10,000;
`3,000 plus 30%
of the amount by which the total
income exceeds
`20,000.
(e) In the case
of every firm: On the whole of the total income @30%
(f) In the case
of every local authority: On the whole of the total income @30%
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