07 December 2010
hello vipin bhai, Below is IT rates for AY 2011-12
Income Tax Rates /Slabs for Assesment Year 2011-12 (F Y 2010-11) Income Tax Rates/Slabs Rate (%) Up to 1,60,000 Up to 1,90,000 (for women) Up to 2,40,000 (for resident individual of 65 years or above) NIL 1,60,001 – 5,00,000 10 5,00,001 – 8,00,000 20 8,00,001 upwards 30 Few amendments made to the taxation system for the FY 2010-11: • From now onwards there will be only 2 pages in the IT filing form for individuals. • More cases can now be appealed against. • Rs. 20,000 tax exemption will be provided for investments in certain investment bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments. • Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS). • New fields have been added to the e-TDS/TCS form. These new fields are Ministry name; PAO / DDO code; PAO / DDO registration no.; State name; and Name of the utility used for return preparation. For Local Authorities Local Authorities are taxable @ 30 percent. Surcharge is not applicable. Education cess is applicable @ 3 percent on income-tax. For Firms [(including Limited Liability Partnership (LLP)] • Firms (including LLP) are taxable @ 30 percent • Surcharge is not applicable • Education cess is applicable @ 3 percent on income-tax. For Domestic Companies • Domestic companies are taxable @ 30 percent • Special method for computation of total income of insurance companies. The rate of tax on profits from life insurance business is 12.5 percent • Surcharge is applicable @ 7.5 percent if total income is in excess of INR 10,000,000. Marginal relief may be available • Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any). For Foreign Companies • Foreign companies are taxable @ 40 percent • Surcharge is applicable @ 2.5 percent if total income is in excess of INR 10,000,000.Marginal relief may be available • Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).
Minimum Alternate Tax • Minimum Alternate Tax (MAT) is levied @ 18 percent of the adjusted book profits in the case of those companies where income-tax payable on the taxable income according to the normal provisions of the Income-tax Act, 1961 (the Act), is less than 18 percent of the adjusted book profits. • MAT credit is available for 10 years • Surcharge is applicable @ 7.5 percent in the case of domestic companies if the adjusted book profits are in excess of INR 10,000,000. Marginal relief may be available • Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).
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