Income Tax Slabs and Rates
Tax Slabs and Rates for Assesment Year 07-08
In the case of every Individual other than Women, HUF's, AOP and BOI. the rates of tax applicable as under :
Slab Categories
1. Every Individual Other than women.
2. Woman Resident in India and below the age of sixty years.
3. Being a resident of India who is of the Age of Sixty Five Years and above.
4. Every Co-operative Society.
5. In the case of Every Firms.
6. In the case of Every Local Authorities.
7. In the case of a Companies.
| i) | Where the total income does not exceed Rs 1,10,000 | NIL |
| ii) | Where the total income exceeds Rs 1,10,000 but does not exceed Rs 1,50,000 | 10% of the amount by which the total income exceeds Rs 1,10,000 |
| iii) | Where the total income exceeds Rs 1,50,000 but does not exceed Rs 2,50,000 | Rs 4000/-+20% of the amount by which the total income exceeds Rs 1,50,000 |
| iv) | Where the total income exceeds Rs 2,50,000 | Rs 24000/-+30% of the amount which their total income exceeds Rs 2,50,000 |
In the case of every individual, being a Woman Resident in India and below the age of sixty years at any time during the previous year, the rates of tax applicable as under :
| i) | Where the total income does not exceed Rs 1,45,000 | NIL |
| ii) | Where the total income exceeds Rs 1,45,000 but does not exceed Rs 1,50,000 | 10% of the amount by which the total income exceeds Rs 1,45,000 |
| iii) | Where the total income exceeds Rs 1,50,000 but does not exceed Rs 2,50,000 | Rs 500/-+20% of the amount by which the total income exceeds Rs 1,50,000 |
| iv) | Where the total income exceeds Rs 2,50,000 | Rs 20,500/-+30% of the amount which their total income exceeds Rs 2,50,000 |
In the case of every individual, being a resident of India who is of the Age of Sixty Five Years or more at any time during the previous year, the rates of tax applicable as under :
| i) | Where the total income does not exceed Rs 1,95,000 | NIL |
| ii) | Where the total income exceeds Rs 1,95,000 but does not exceed Rs 2,50,000 | 0% of the amount by which the total income exceeds Rs 1,95,000 |
| iii) | Where the total income exceeds Rs 2,50,000 | Rs 11,000/-+30% of the amount which the total income exceeds Rs 2,50,000 |
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