11 December 2007
Income Tax Rates For General For Year 2005-2006 Taxable Annual Income Slab (In Rs.) Tax Rate (In %) 0 - 1,00,000 Nil 1,00,001 - 1,50,000 10% 1,50,001 - 2,50,000 20% More than 2,50,001 30%
For Women For Year 2005-2006 Taxable Annual Income Slab (In Rs.) Tax Rate (In %) 0 - 1,35,000 Nil 1,35,001 - 1,50,000 10% 1,50,001 - 2,50,000 20% More than 2,50,001 30%
For Senior Citizen For Year 2005-2006 Taxable Annual Income Slab (In Rs.) Tax Rate (In %) 0 - 1,85,000 Nil 1,85,001 - 2,50,000 20% More than 2,50,001 30%
Note: Surcharge @ 10% applicable if total income exceeds Rs. 8.5 lakh for A.Y. 2005-06 and Rs. 10 lakh for A.Y. 2006-07. There is a new section 80C according to which a person can get rebate upto Rs. 1,00,000 against insurance premium, PF contributions and other such schemes. In case of higher education there is a deduction in tax for a maximum period of 8 years. Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs. 10,00,000 (Rs. 8.5 lakh for A.Y. 2005-06) is limited to the amount by which the income is more than Rs. 10 lakh (Rs. 8.5 lakh for A.Y. 2005-06). Education cess @ 2% on tax plus surcharge.
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