From April 1, 2011 new tax slabs apply, which are as follows:
F.Y.2011-12 (A.Y.2012-13)
a) Individuals, HUF’s, AOPs, BOIs
For Resident Women (Age limit = below 60 years) | |
Up to Rs 1,90,000 | NIL |
Rs 1,90,001 to Rs 5,00,000 | 10 per cent |
Rs 5,00,001 to Rs 8,00,000 | 20 per cent |
Rs 8,00,000 and above | 30 per cent |
For Resident Senior Citizens (Age limit = 60 years or more at any time during the year but not more than 80 years on the last day of the year) | |
Up to Rs 2,50,000 | NIL |
Rs 2,50,001 to Rs 5,00,000 | 10 per cent |
Rs 5,00,001 to Rs 8,00,000 | 20 per cent |
Rs 8,00,000 and above | 30 per cent |
For Resident Super Senior Citizens (Age Limit = 80 years or more at any time during the year) | |
Up to Rs 5,00,000 | NIL |
Rs 5,00,001 to Rs 8,00,000 | 20 per cent |
Rs 8,00,000 and above | 30 per cent |
For any other individual, every HUF /AOP / BOI artificial juridical person | |
Up to Rs 1,80,000 | NIL |
Rs 1,80,001 to Rs 5,00,000 | 10 per cent |
Rs 5,00,001 to Rs 8,00,000 | 20 per cent |
Rs 8,00,001 and above | 30 per cent |
b) Partnership Firms
Income Tax Rate = 30 %
Education Cess @ 3%
c) Corporate Income Tax
1. For Domestic companies
Income Tax Rate = 30 %
Surcharge @ 5% (If gross turnover of company exceeds Rs. 1 Crore)
Education Cess @ 3%
2. For Foreign Companies
Income Tax Rate = 40 %
Surcharge @ 2% (If gross turnover of company exceeds Rs. 1 Crore)
Education Cess @ 3%
d) Co-operative Societies
The Following rates are applicable to a co-operative society
Net Income Range | Rate of Income Tax |
Up to Rs 10,000 | 10 per cent |
Rs 10,000 to Rs 20,000 | 20 per cent |
Rs 20,000 and above | 30 per cent |
Education cess @ 3% on total tax is also payable.
e) Local Authorities
For Local authorities, Income is taxed at a flat rate of 30%. An education cess of 3% is payable on the tax, yielding effective tax rate of 30.90%.
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