{"id":5101,"date":"2009-07-28T02:00:43","date_gmt":"2009-07-28T02:00:43","guid":{"rendered":"https:\/\/www.amitbhawani.com\/blog\/?p=5101"},"modified":"2009-07-27T19:31:44","modified_gmt":"2009-07-27T19:31:44","slug":"current-income-tax-rate-india","status":"publish","type":"post","link":"https:\/\/www.amitbhawani.com\/blog\/current-income-tax-rate-india\/","title":{"rendered":"What are Current Income Tax Rate in India"},"content":{"rendered":"

Income Tax in India is imposed by The Government of India on the income earned by an individual (Men, Women, and Senior Citizen), Hindu undivided family (HUF), a company or a co-operative society. For each year Income has to be assessed and the applicable income tax will be charged by the authority. Its your duty to get a Pan Card<\/a> and then pay your taxes on time based on the following Income Tax Slabs and rates.<\/p>\n

\"Income<\/p>\n

For Individual\u2019s the Income Tax in India is different for Senior Citizens\u2019 aged above 65 years or above, women aged below 65 years and other individuals\u2019.<\/p>\n

For Senior citizens (Men or Women) above 65 years<\/b><\/p>\n\n\n\n\n\n\n
\n

When total Income (Chargeable at normal rate) <\/strong><\/p>\n<\/td>\n

\n

Income Tax in Rs.<\/strong><\/p>\n<\/td>\n

\n

Surcharge<\/strong><\/p>\n<\/td>\n

\n

Educational Cess ( On Income tax + Surcharge)<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Does not exceed Rs. 1,95,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,95,000 & less than Rs. 2,50,000<\/p>\n<\/td>\n

\n

(TI – Rs. 1,95,000) x 20%;<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 2,50,000) x 30%] + 11,000<\/p>\n<\/td>\n

\n

If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge.<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For Women below the age of 65 years<\/b><\/p>\n\n\n\n\n\n\n\n
\n

When total Income (Chargeable at normal rate) <\/strong><\/p>\n<\/td>\n

\n

Income Tax in Rs.<\/strong><\/p>\n<\/td>\n

\n

Surcharge<\/strong><\/p>\n<\/td>\n

\n

Educational Cess ( On Income tax + Surcharge)<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Does not exceed Rs. 1,45,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,45,000 & less than Rs. 1,50,000<\/p>\n<\/td>\n

\n

(TI – Rs. 1,45,000) x 10%;<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,50,000 & less than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 1,50,000) x 20%] + 500<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 2,50,000) x 30%] + 20,500<\/p>\n<\/td>\n

\n

If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge.<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

( For other individuals )<\/b><\/p>\n\n\n\n\n\n\n\n
\n

When total Income (Chargeable at normal rate) <\/strong><\/p>\n<\/td>\n

\n

Income Tax in Rs.<\/strong><\/p>\n<\/td>\n

\n

Surcharge<\/strong><\/p>\n<\/td>\n

\n

Educational Cess ( On Income tax + Surcharge)<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Does not exceed Rs. 1,10,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,10,000 & less than Rs. 1,50,000<\/p>\n<\/td>\n

\n

(TI – Rs. 1,10,000) x 10%<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,50,000 & less than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 1,50,000) x 20%] + 4,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 2,50,000) x 30%] + 24,000<\/p>\n<\/td>\n

\n

If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge.<\/p>\n<\/td>\n

3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In the case of an Hindu Undivided Family the tax would be:-<\/b><\/p>\n\n\n\n\n\n\n\n
\n

When total Income (Chargeable at normal rate) <\/strong><\/p>\n<\/td>\n

\n

Income Tax in Rs.<\/strong><\/p>\n<\/td>\n

\n

Surcharge<\/strong><\/p>\n<\/td>\n

\n

Educational Cess ( On Income tax + Surcharge)<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Does not exceed Rs. 1,10,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,10,000 & less than Rs. 1,50,000<\/p>\n<\/td>\n

\n

(TI – Rs. 1,10,000) x 10%<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 1,50,000 & less than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 1,50,000) x 20%] + 4,000<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 2,50,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 2,50,000) x 30%] + 24,000<\/p>\n<\/td>\n

\n

If TI is more than Rs. 10,00,000 then 10% of Income tax shall be paid as Surcharge.<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In the case of a co-operative Society the tax would be:-<\/b><\/p>\n\n\n\n\n\n\n
\n

When total Income (Chargeable at normal rate) <\/strong><\/p>\n<\/td>\n

\n

Income Tax in Rs.<\/strong><\/p>\n<\/td>\n

\n

Educational Cess ( On Income tax + Surcharge)<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Does not exceed Rs. 10,000<\/p>\n<\/td>\n

\n

TI x 10%<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is more than Rs. 10,000 & less than Rs. 20,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 10,000) x 20%] + 1000;<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n

\n

Is greater than Rs. 20,000<\/p>\n<\/td>\n

\n

[(TI – Rs. 20,000) x 30%] + 3,000<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In the case of a company the applicable tax would be:-<\/b><\/p>\n\n\n\n\n\n\n
\n

Particulars<\/strong><\/p>\n<\/td>\n

\n

Firm<\/strong><\/p>\n<\/td>\n

\n

Domestic Companies<\/strong><\/p>\n<\/td>\n

\n

Foreign Companies*<\/sup><\/strong><\/p>\n<\/td>\n

\n

Local Authorities<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Tax Rate<\/p>\n<\/td>\n

\n

30%<\/p>\n<\/td>\n

\n

30%<\/p>\n<\/td>\n

\n

40%<\/p>\n<\/td>\n

\n

30%<\/p>\n<\/td>\n<\/tr>\n

\n

Surcharge (Only if the total income exceeds Rs. 1 Crore)<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n

\n

2.5%<\/p>\n<\/td>\n

\n

Nil<\/p>\n<\/td>\n<\/tr>\n

\n

Educational Cess<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n

\n

3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* For Royalty Income got below agreement accepted by the Central Government (between 01.04.1961 and 31.03.1976) and Fees for Technical Services got below agreement accepted by Central Government (between 01.03.1964 and 31.03.1976), the tax rates in India is 50% of the said Royalty or Fees for Technical Services.<\/p>\n","protected":false},"excerpt":{"rendered":"

Income Tax in India is imposed by The Government of India on the income earned by an individual (Men, Women, and Senior Citizen), Hindu undivided family (HUF), a company or a co-operative society. For each year Income has to be assessed and the applicable income tax will be charged by the authority. Its your duty […]<\/p>\n","protected":false},"author":1,"featured_media":19316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[725],"tags":[],"class_list":{"0":"post-5101","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate-talk","8":"entry"},"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/Income-Tax-India-Logo.gif?fit=366%2C55&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5260,"url":"https:\/\/www.amitbhawani.com\/blog\/how-to-save-income-tax-in-india\/","url_meta":{"origin":5101,"position":0},"title":"How to Save Income Tax in India","author":"Amit Bhawani","date":"August 12, 2009","format":false,"excerpt":"How to save income tax in India is a question asked by all tax payers. It means reducing the income tax amount a person pays while filing his tax returns. Income tax act section 139 states that it is mandatory for all individuals who earn above the prescribed maximum to\u2026","rel":"","context":"In "Corporate Talk"","block_context":{"text":"Corporate Talk","link":"https:\/\/www.amitbhawani.com\/blog\/category\/corporate-talk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/Tax-Deductions-Exemptions.jpg?fit=400%2C286&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5124,"url":"https:\/\/www.amitbhawani.com\/blog\/how-to-file-income-tax-returns-india\/","url_meta":{"origin":5101,"position":1},"title":"How to File Income Tax Returns in India","author":"Amit Bhawani","date":"July 28, 2009","format":false,"excerpt":"In order to know how to file income tax returns one should know something about income tax it is mandatory for every resident Indian citizen to submit Income tax return to be assessed annually. It is the tax to be paid to the Indian central government on the personal income.\u2026","rel":"","context":"In "Corporate Talk"","block_context":{"text":"Corporate Talk","link":"https:\/\/www.amitbhawani.com\/blog\/category\/corporate-talk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/File-Income-Tax-Return.png?fit=620%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/File-Income-Tax-Return.png?fit=620%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2010\/12\/File-Income-Tax-Return.png?fit=620%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5307,"url":"https:\/\/www.amitbhawani.com\/blog\/income-tax-deductions\/","url_meta":{"origin":5101,"position":2},"title":"List of Income Tax Deductions","author":"Amit Bhawani","date":"August 19, 2009","format":false,"excerpt":"Tax deduction information can be found in the following website http:\/\/law.incometaxindia.gov.in. We have also written few articles on Income Tax Exemptions, How to Save Tax, e filing & Income Tax Rates Here is the list of what is written in the government website, in every day simple language. Tax deduction\u2026","rel":"","context":"In "Corporate Talk"","block_context":{"text":"Corporate Talk","link":"https:\/\/www.amitbhawani.com\/blog\/category\/corporate-talk\/"},"img":{"alt_text":"Income Tax Deductions","src":"https:\/\/i0.wp.com\/www.amitbhawani.com\/blog\/wp-content\/uploads\/2009\/08\/Income-Tax-Deductions-150x150.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5116,"url":"https:\/\/www.amitbhawani.com\/blog\/efiling-electronic-tax-filing\/","url_meta":{"origin":5101,"position":3},"title":"What is e Filing – Electronic Online Tax Filing India","author":"Amit Bhawani","date":"July 28, 2009","format":false,"excerpt":"E- Filing of various income taxes related documents is one of the most useful, comfortable and friendly innovations. E filing can be done for obtaining income tax returns and income tax assessment. It is easy, convenient, simple and without time restriction. 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Without having to spend too much time and very\u2026","rel":"","context":"In "Corporate Talk"","block_context":{"text":"Corporate Talk","link":"https:\/\/www.amitbhawani.com\/blog\/category\/corporate-talk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5458,"url":"https:\/\/www.amitbhawani.com\/blog\/sampark-software-guide-use\/","url_meta":{"origin":5101,"position":5},"title":"What is Sampark Software and its Use","author":"Amit Bhawani","date":"August 21, 2009","format":false,"excerpt":"Sampark is basically a user friendly software that is supplied free of cost to the public by the Income Tax Department. It helps to prepare income tax returns from the comfort of your home or office. 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