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Tax slabs from AY 01-02

prachi (Sr. Consultant - Accounts) (28 Points)

25 February 2010

Hi All,

Can anybody provide income tax slab rates from AY 01-02 to AY 08-09... I require this information for calculation of Relief u/s 89.

Thanks.

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Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 25 February 2010

ncome Tax rates for Individuals:Financial year 2001-02 & Assessment Year 2001-2002

Income Slabs	Tax Rate
up to Rs.50000/-	Nil
Rs.50001/- to Rs.60000/-	10 %
Rs.60001/- to Rs.150000/-	Rs.1000 plus 20 % on amount exceeds Rs.60000/-
Above Rs.150001/-	Rs.19000/- plus 30 % on amount exceeds Rs.150000.-

For assessment year 2001-2002 special surchargs of 12 % of the tax payable on income above Rs.60000/- but less than Rs.150000/- and above Rs.150000/- surcharge at 17% after deducting benefits U/S 88

Tax on longterm capital gain is 10 % if computed without adjusting cost inflation indexation & 20 % if adjusted with cost inflation indexation. Plus surcharge as applicable.

Surcharge for AY 2002-03 is reduced to 2%

RATES FOR TAX DEDUCTION AT SOURCE

During the financial year 2001-02, tax is to be deducted at source at the following rates :

NATURE OF PAYMENT	IT	SC	TOTAL
A. Salary to an employee [sec. 192]	Regular rates

B In the case of payment to a resident other than a company :
a. interest other than interest on securities	10	1	11
b. winnings from lotteries and crossword puzzles	40	4	44
c. winnings from horse races	40	4	44
d. insurance commission	10	1	11
e. interest on debentures or securities (other than a security of the Central or a State Government) for money issued by or on behalf of a local authority or a statutory corporation or listed debentures of a company	10	1	11
f. rent to an individual or a Hindu undivided family	15	1.5	16.5
g. rent to a person other than an individual or a Hindu undivided family	20	2	22
h. payment in respect of deposit under National Savings Scheme, 1987	20	2	22
i. payment on account of repurchase of units by Mutual Fund or UTI [sec. 80CCB(2)]	20	2	22
j. commission on sale of lottery tickets	10	1	11
k .payment to a contractor (in the case of advertising contracts)	1	0.1	1.1
l. payment to a contractor (other than an advertising contract)	2	0.2	2.2
m. payment to a sub-contractor	1	0.1	1.1
n. fees for professional or technical services	5	0.5	5.5
o. payment exceeding Rs. 1 lakh of compensation/consideration or enhanced compensation/consideration on account of compulsory acquisition of any capital asset (Applicable up to May 31, 2000)	10	1	11
p. any other income	20	2	22

C. In the case of payment to a non-resident other than a company [see Note 1]
a. income from foreign exchange assets payable to an Indian citizen	20	2	22
b. income by way of long-term capital gains referred to in section 115E	10	1	11
c. income by way of interest payable by Government/Indian concern on money borrowed or debt incurred by Government or Indian concern in foreign currency	20	2	22
d. rent to an individual or a Hindu undivided family	15	0	15
e. rent to a person other than an individual or a Hindu undivided family	20	0	20
f. winnings from lotteries and crossword puzzles	40	4	44
g. winnings from horse races	40	4	44
h. payments to non-resident sportsmen or sports association referred to in section 115BBA	10	0	10
i. payments in respect of National Savings Scheme, 1987	20	0	20
j. payments on account of repurchase of units by Mutual Fund/UTI [sec. 80CCB(2)]	20	0	20
k .income by way of interest/dividends [not being dividends referred in section 115-O] payable in respect of bonds/shares referred to in section 115AC or by way of long-term capital gain arising from transfer of such bonds	10	0	10
l. commission on sale of lottery tickets	10	0	10
m. income in respect of units referred to in section 115AD(1)(a) payable to foreign Institutional Investor (other than capital gain)	20	0	20
n. income by way of long-term capital gain	20	2	22
o. any other income [see Note 2]	30	3	33

D. In the case of payments to a domestic company :
a. interest other than interest on securities	20	2	22
b. winnings from lotteries and crossword puzzles	40	4	44
c. winnings from horse races	40	4	44
d. commission on sale of lottery tickets	10	1	11
e. payments to a contractor (in the case of advertising contracts)	1	0.1	1.1
f. payment to a contractor (other than an advertising contract)	2	0.2	2.2
g. payments to sub-contractor	1	0.1	1.1
h. rent	20	2	22
i. fees for professional or technical services	5	0.5	5.5
j. payment exceeding Rs. 1 lakh of compensation/ consideration or enhanced compensation/consideration on account of compulsory acquisition of any capital asset (applicable upto May 31, 2000)	10	1	11
k. any other income	20	2	22

E. In the case of payments to a non-domestic company [see Note 1]
a. winnings from lotteries and crossword puzzles	40	0	40
b. winnings from horse races	40	0	40
c. interest payable by Government or an Indian concern on money borrowed or debt incurred in foreign currency	20	0	20
d. royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after March 31, 1976, where such royalty is in consideration for the transfer of all or any rights (including the granting of a license) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Indian concern or in respect of computer software referred to in the second proviso to section 115A(1A), to a person resident in India—
* where the agreement is made before June 1, 1997	30	0	30
* where the agreement is made after May 31, 1997	20	0	20
e. royalty [not being royalty of the nature referred to in (d) supra] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy-
where the agreement is made after March 31, 1961 but before April 1, 1976	50	0	50
where the agreement is made after March 31, 1976 but before June 1, 1997	30	0	30
where the agreement is made after May 31, 1997	20	0	20
f. fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to matter included in the industrial policy, the agreement is in accordance with that policy—
* where the agreement is made after February 29, 1964 but before April 1976	50	0	50
* where the agreement is made after March 31, 1976 but before June 1, 1997	30	0	30
* where the agreement is made after May 31, 1997	20	0	20
g. rent	20	0	20
h. long-term capital gains	20	0	20
i. payments referred to in section 115BBA	10	0	10
j. commission on sale of lottery tickets	10	0	10
k payments to overseas financial corporation covered by section 115AB or by long-term capital gains arising from transfer of such units	10	0	10
l. income by way of interest/dividend [not being dividend referred to in section 115-O] in respect of bonds/shares referred to in section 115AC or by way of long-term capital gain arising from transfer of such bonds	10	0	10
m. income (other than capital gain) in respect of units referred to in section115AD (1)(a) payable to Foreign Institutional Investor	20	0	20
n. on any other income	48	0	48

Notes :
1. Tax is deductible at source under section 195 at the above rate or rates specified in ADT agreements entered
    into by the Central Government under section 90 (whichever is lower) [sec. 2(37A)(iii)].
2. In asterisk (*) marked case, tax is to be deducted at the rate specified above, or at the regular rate [see para
    0.1-1] if such income had been the total income, whichever is higher.
3. For A.Y. 2002-03 the rates above are broadly the same except for Winnings From Lotteries and Game shows
    will be charged @ 30% and only surcharge would be @ 2% (Gujrat Quake).

regards,

ratan

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Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 25 February 2010

Tax rates for Individuals, HUF, AOP, BOI
		A.Y. 2003-04			A.Y. 2004-05
Income	Rate (%)	Tax	Surcharge	Total	Tax	Surcharge	Total
50000		Threshold				Threshold
60000	10	1000	–	1000	1000	–	1000
100000	20	9000	450	9450	9000	–	9000
150000	20	19000	950	19950	19000	–	19000
200000	30	34000	1700	35700	34000	–	34000
500000	30	124000	6200	130200	124000	–	124000
800000	30	214000	10700	224700	214000	–	214000
850000	30	229000	11450	240450	229000	–	229000
875000	30	236500	11825	248325	236500	23650	254000
900000	30	244000	12200	256200	244000	24400	268400
1000000	30	274000	13700	287700	274000	27400	301400

Note: Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs.60,000 / Rs.8,50,000 is limited to the amount by which the income is more than Rs.60,000 / Rs.8,50,000.

Rates of Surcharge
Companies, Firms, Co.op. Soc., Local Authority		2.50%
Artificial Juridical Person		10%
Individual / HUF / AOP / BOI :
(a)	Income more than Rs. 8,50,000	10%
(b)	Others	NIL

FIRMS Tax @ 35% plus 5% surcharge to be added for A.Y. 2003-04 and at 2.5% for A.Y. 2004-05 Allowable remuneration to partners and tax for partnership firms
Income (net of int. to partners)	Maximum Allowable		Tax Payable
	Remuneration *		A.Y. 2004-05 / 2003-04
	Business	Professional	Business	Professional
10000	10000	10000	–	–
25000	25000	25000	–	–
50000	50000	50000	–	–
70000	63000	63000	2450	2450
100000	82500	90000	6125	3500
150000	112500	120000	13125	10500
200000	132500	150000	23625	17500
300000	172500	190000	44625	38500
400000	212500	230000	65625	59500
500000	252500	270000	86625	80500
* Subject to conditions prescribed in S. 40(b)

Income Tax on Long Term Capital Gains
Resident Individual or HUF	20%
Domestic Companies	20%
Non-residents (other than Cos. & Foreign Cos.)	20%
NRIs (for gains u/s 115E)	10%
Any other Case	20%

Notes:

If Tax payable in case of Long Term Capital Assets, being listed securities/units, exceeds 10% of Capital gains before indexation, then such excess may be ignored.
Surcharge is 5% for A.Y. 2003-04
Surcharge for A.Y. 2004-05 at rates applicable to the assessee.

Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 25 February 2010

Tax News from tax experts - TaxMatters.org - When Tax matters, think TaxMatters!

Monday, July 21, 2008

Income Tax Rates For FY 2005-06 & 2006-07

For Men & HUF:
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
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
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.