Income Tax Rates/ Slabs

PERSONAL TAX RATES

For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):

For the Assessment Year 2009-10

Taxable income slab (Rs.)	Rate (%)
Up to 1,50,000 Up to 1,80,000 (for women) Up to 2,25,000 (for resident individual of 65 years or above)	NIL
1,50,001 – 3,00,000	10
3,00,001 – 5,00,000	20
5,00,001 upwards	30*

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000. Note : -

• Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
• A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
• Agricultural income is exempt from income-tax.

Tax Rates for NRI

For the Assessment Year 2007-08

Name of Income	Rate*
Dividend**	20%
Interest received on loans made in foreign currency to an Indian concern or Government of India.	20%
Income received in respect of units purchased in foreign currency	20%
Royalty fees or technical fees	For Agreements entered into: After 31.05.97 but before 01.06.05 - @ 20% After 01.06.05 - @ 10%
Interest on FCCB	10%

*The rates further increases by surcharge and education cess. **Other than dividends on which Dividend Distribution Tax (DDT) has been paid. Note:- If the NRI has a Permanent Establishment (PE) in India & the royalty or the fees for technical services paid is effectively connected with such, the same could be taxed at 40% (+ surcharge & education cess) on net basis. THERE IS THIS NICE and HELPFUL BOOK on Something same ALSO PUBLISHED AT SCRIBD : http://www.scribd.com/doc/2197715/Income-taxslabs-india Courtesy:indiamart.com