Piyush Bansal
   Piyush Bansal
Piyush bansal
 

Subash Piyush and Associates

588 Hargobind Nagar
Phagwara 144401
+91-98142-17362

1st Floor M/s Nav Bharat Silk Store
Main Bazar Moga
+91-98140-99948
01636-232948

TAX RATES FOR FINANCIAL YEAR 2008 – 09

A. Individuals

I. In case of individual (other than II and III below) :-

i Where the total income does not exceed Rs.1,50,000/-.

NIL

ii. Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-.

10% of amount by which the total income exceeds Rs. 1,50,000/-

iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-.

Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.

iv. Where the total income exceeds Rs.5,00,000/-.

Rs. 55,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

i. Where the total income does not exceed Rs.1,80,000/-. NIL

ii. Where total income exceeds Rs.1,80,000/- but does not exceed Rs.3,00,000/-.

10% of the amount by which the total income exceeds Rs.1,80,000/-.

iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-.

Rs. 12,000- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.

iv. Where the total income exceeds Rs.5,00,000/-

Rs.52,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-
i. Where the total income does not exceed Rs.2,25,000/-. NIL

ii. Where the total income exceeds Rs.2,25,000/- but does not exceed Rs.3,00,000/-

10% of the amount by which the total income exceeds Rs.2,25,000/-.

iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-

Rs.7,500/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.

iv. Where the total income exceeds Rs.5,00,000/-

Rs.47,500/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-.

Further, the amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 lacs.
    The tax and surcharge, if any, are to be further enhanced by education cess levied @ 3%

B. Domestic Company / Firm

i. Income-tax: 30% of total income.

ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crore.

iii. Education Cess: 3% of the total of Income-tax and Surcharge

C. Foreign Company

i. Income-tax: 40% of total income.

ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 2.5% of such income tax, provided that the total income exceeds Rs. 1 crore.

iii. Education Cess: 3% of the total of Income-tax and Surcharge.

D. Co-Operative society:

For A.Y. 2008-2009 & Advance Tax for A.y. 2009-2010
In the case of every co-operative society,-


Income slab

Rates of Income tax

(1) where the total income does  not exceed rs
10,000
(2)where the total income exceeds rs 10.000
But does not exceed rs 20.000
(3) where the total income excees rs 20.000

10 percent . of total income;

 

Rs 1,000 plus 20 percent .of the amount by which the total income exceeds rs 10,000;
Rs 3,000 plus 30 percent. Of the amount by which the total income exceeds rs.20,000.

 

Surcharge:                            fromA.Y. 2006-2007 , no surcharge shall be levied.

Education cess:                   Education cess @2% levied on all assessees.
fromA.Y. 2008-2009, additional secondary& higher Education cess @1% levied on all assessee.


E. Wealth tax:

For A.Y . 2008-2009 & advance tax for A.Y.2009-2010

 

         Rates of income tax

 

 

  1. An individual or a HUFS:
  2. Where the net wealth does not exceed rs. 15,00,000
  3. Where the net wealth exceeds rs 15,00,000
  4. A company
  5. Where the net wealth does not exceed rs. 15,00,000
  6. Where the net wealth exceeds rs. 15,00,000

Nil
1% of the amount by which the net wealth exceeds rs 15,00,000
Nil;
1% of the amount by which the net wealth exceeds rs 15,00,000