Tax rates to file the return before 31st July 2008

ASSESSMENT YEAR 2008-2009
RELEVANT TO FINANCIAL YEAR 2007-2008

I TAX RATES FOR INDIVIDUALS OTHER THAN II & III

Upto 1,10,000 - Nil
1,10,000 to 1,50,000 - 10% of the amount exceeding 1,10,000
1,50,000 to 2,50,000 - Rs.4,000 + 20% of the amount exceeding 1,50,000
2,50,000 & above - Rs.24,000 + 30% of the amount exceeding 2,50,000

II TAX RATES FOR RESIDENT WOMAN BELOW 65 YEARS

Upto 1,45,000 - Nil
1,45,000 to 1,50,000 - 10% of the amount exceeding 1,45,000
1,50,000 to 2,50,000 - Rs.500 + 20% of the amount exceeding 1,50,000
2,50,000 & above - Rs.20,500 + 30% of the amount exceeding 2,50,000


III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 65 YRS AND ABOVE

Upto 1,95,000 - Nil
1,95,000 to 2,50,000 - 20% of the amount exceeding 1,95,000
2,50,000 & above - Rs.11,000 + 30% of the amount exceeding 2,50,000

SURCHARGE ON INCOMETAX

In the case of every Individual, Hindu undivided family, Association of person and body of individuals, Surcharge on income-tax is calculated @10% if the total taxable income exceeds Rs.10,00,000.

EDUCATION CESS

The amount of Income-tax and Surcharge shall be further increased by Education Cess of 3% on Income-tax plus Surcharge.