 |
| |
| Rates
of Taxes | Rates of Depreciation | Common
Deductions | Rebates | Important
Exemptions | TDS Chart |
TCS Chart | FAQ's |
| |
| Direct Taxation: |
| |
| RATES
OF TAXATION: |
|
| CORPORATE |
Company |
Rates of Tax |
| A.Y.2008-2009 |
A.Y.2009-2010 |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Domestic Company |
30% |
*10% |
3% |
33.99% |
30% |
*10% |
3% |
33.99% |
| Foreign Company |
|
| 1)Royalty received from government
or Indian concern in pursuance of agreement entered between
01.04.1961 - 31.03.1976 |
50% |
*2.5% |
3% |
52.79% |
50% |
*2.5% |
3% |
52.79% |
| 2)Fees for rendering technical
services from government or Indian concern in pursuance of agreement
entered between 01.04.1961 - 31.03.1976 and approved by central
governemnt |
50% |
*2.5% |
3% |
52.79% |
50% |
*2.5% |
3% |
52.79% |
| 3) On Balance of Total Income |
40% |
*2.5% |
3% |
43.23% |
40% |
*2.5% |
3% |
43.23% |
|
|
* Surcharge applicable only if income exceeds Rs. 1 crore |
| |
| Minimum Alternate Tax
(on book profits) |
| |
| Company |
MAT |
| A.Y.2008-2009 |
A.Y.2009-2010 |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Domestic Company |
10% |
*10% |
3% |
11.33% |
10% |
*10% |
3% |
11.33% |
| Foreign Company |
10% |
*2.5% |
3% |
10.56% |
10% |
*2.5% |
3% |
10.56% |
|
|
* Surcharge applicable only if income exceeds Rs. 1 crore |
|
|
INDIVIDUAL/HUF |
|
|
|
FOR A.Y.2008-2009 |
|
|
| Individual &
HUF (Other than Woman or Senior Citizen Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.110000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.110000-Rs.150000 |
10% |
NIL |
3% |
10.30% |
10% |
10% |
3% |
11.33% |
| Rs.150000-Rs.250000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.250000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
| Woman Assessee
(Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.145000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.145000-Rs.150000 |
10% |
NIL |
3% |
10.30% |
10% |
10% |
3% |
11.33% |
| Rs.150000-Rs.250000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.250000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
| Senior Citizen
(Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.195000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.195000-Rs.250000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.250000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
|
Marginal relief would be provided to ensure that the additional income tax
payable including surcharge, on the excess of income over Rs.110000/-is
limited to the amount by which the income is more than Rs. 110000/- |
|
|
|
FOR A.Y.2009-2010 |
|
| Individual &
HUF (Other than Woman or Senior Citizen Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.150000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.150001-Rs.300000 |
10% |
NIL |
3% |
10.30% |
10% |
10% |
3% |
11.33% |
| Rs.300001-Rs.500000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.500000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
|
| Woman Assessee
(Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.180000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.180001-Rs.300000 |
10% |
NIL |
3% |
10.30% |
10% |
10% |
3% |
11.33% |
| Rs.300001-Rs.500000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.500000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
|
| Senior Citizen
(Resident in India) |
RATE OF
TAX (NORMAL) |
| Income
below Rs. 10,00,000/- |
Income
above Rs. 10,00,000/- |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto Rs.225000 |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Rs.225001-Rs.300000 |
10% |
NIL |
3% |
10.30% |
10% |
10% |
3% |
11.33% |
| Rs.300001-Rs.500000 |
20% |
NIL |
3% |
20.60% |
20% |
10% |
3% |
22.66% |
| Above Rs.500000 |
30% |
NIL |
3% |
30.90% |
30% |
10% |
3% |
33.99% |
|
|
Marginal relief would be provided to ensure that the additional income tax
payable including surcharge, on the excess of income over Rs.150000/-is
limited to the amount by which the income is more than Rs. 150000/- |
|
| PARTNERSHIP FIRM |
| Partnership Firm |
Rates of Tax |
| A.Y.2008-2009 |
A.Y.2009-2010 |
| IT |
SC |
CESS |
TOTAL |
IT |
SC* |
CESS |
TOTAL |
| |
30% |
10% |
3% |
33.99% |
30% |
10% |
3% |
33.99% |
|
|
* Surcharge applicable only if Income Exceeds Rs. 1 crore |
|
| CO-OPERATIVE SOCIETY |
| CO-OPERATIVE
SOCIETY |
Rates of Tax |
| A.Y.2008-2009 |
A.Y.2009-2010 |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
| Upto to Rs. 10000 |
10% |
NIL |
3% |
10.30% |
10% |
NIL |
3% |
10.30% |
| Rs.10000-Rs.20000 |
20% |
NIL |
3% |
20.60% |
20% |
NIL |
3% |
20.60% |
| Above Rs.20000 |
30% |
NIL |
3% |
30.90% |
30% |
NIL |
3% |
30.90% |
|
|
| CAPITAL
GAINS: |
|
| Particulars |
Rates of Tax |
| A.Y.2008-2009 |
A.Y.2009-2010 |
| IT |
SC |
CESS |
TOTAL |
IT |
SC |
CESS |
TOTAL |
|
Long Term gain on Shares & securities
listed on recognized stock exchange sold on which STT is paid |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
| Other Long Term
Capital Gains |
20% |
As Applicable
(Refer Note1) |
3%
(Refer Note 2) |
IT + SC + CESS |
20% |
As Applicable (Refer Note1
|
3%
(Refer Note 2) |
IT
+
SC
+
CESS |
| Short Term Capital Gain on Shares
& securities listed on recognized stock exchange sold after
1/10/2004 |
10% |
As Applicable
refer Note1) |
3% Refer Note 2) |
IT + SC + CESS |
15% |
As Applicable
refer Note1) |
3% Refer Note 2) |
IT
+
SC
+
CESS |
| Other Short Term Capital Gains |
Normal |
Normal |
Normal |
Normal |
Normal |
Normal |
Normal |
Normal |
|
|
|
Notes:
- Surcharge will be applicable as follows:
a. Incase of Individuals, HUF, AOP & BOI, If income
exceeds
Rs. 1000000/- 10%
b. In case of Firm, Domestic Company 10% and
In case of Foreign Company 2.5% if income exceeds Rs. 1 Crore
- Education
cess is to be paid on tax after surcharge
- For
Normal rates of tax refer the table for rates of taxation above
|
|
ADVANCE TAX OBLIGATION OF
INCOME TAX for A.Y. 2009-2010
(if tax payable after Rebate & TDS exceeds Rs.5000) |
| Due Date of Instalment on
or before |
% of tax payable |
| Company |
Other Assessees |
| 15th June 2008 |
15% |
NIL |
| 15th September 2008 |
45% |
30% |
| 15th December 2008 |
75% |
60% |
| 15th March 2009 |
100% |
100% |
|
|
*MAT
is also subject to Advance Tax vide Circular No.13 of 2001,
[252(ITR)(ST)52]. |
|
| ADVANCE TAX OBLIGATION OF FBT for
A.Y. 2009-2010 |
| Due Date of Instalment on
or before |
% of tax payable |
| Company |
Other Assessees |
| 15th June 2008 |
15% |
NIL |
| 15th September 2008 |
45% |
30% |
| 15th December 2008 |
75% |
60% |
| 15th March 2009 |
100% |
100% |
|
|
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| |
|
IMPORTANT RATES
OF DEPRECIATION (Applicable for A.Y 2008-2009 & A.Y. 2009-2010)
|
| |
| Sr. No. |
BLOCK OF ASSETS |
Rate as%
of wdv (A.Y. 2008-2009) |
Rate as%
of wdv (A.Y. 2009-2010) |
| I. |
BUILDING:
- Buildings which are used mainly for residential purposes except
hotels and boarding houses.
- Building other than those used mainly for residential purposes.
|
5
10
|
5
10
|
| II. |
FURNITURE AND FITTINGS incl. electrical
fittings |
10 |
10 |
| III. |
MACHINERY AND PLANT |
|
|
| |
- General rate for Machinery & Plant
|
15 |
15 |
| |
- Motor Cars, generally (not used for business of hiring)
acquired or put to use after 1st April 1990
|
15 |
15 |
| |
- Motor buses, motor lorries, motor vans and motor taxis used
in a business of running them on hire
|
30 |
30 |
| |
- Commercial vehicle (acquired on or after the 1.10.98, but before
1.4.99 & put to use before 1.4.99 for the purposes of
business & profession
|
40 |
40 |
| |
|
|
|
| |
- Acquired on or after the 1.10.1998, but before 1.4.99
& put to use before 1.4.99 for the purposes
of business & profession (provided it is in replacement
of condemned vehicle of over 15 years of age )
|
60 |
60 |
| |
- Acquired on or after the 1.4.99, but before 1.4.00 & put
to use before 1.4.00 for the purposes
of business & profession (provided it is in replacement of condemned
vehicle of over 15 years of age )
|
60 |
60 |
| |
- Acquired on or after the 1.4.01, but before 1.4.02 & put
to use before 1.4.02 for the purposes
of business & profession
|
50 |
50 |
| |
- Computers including computer software.
|
60 |
60 |
| |
- Books, being Annual publications owned by Assessee carrying
on Profession
|
100 |
100 |
| |
- Other Books owned by Assessee carrying on Profession
|
60 |
60 |
| IV. |
INTANGIBLE ASSETS viz. Know-how,
patents, copyrights, trademarks, licences, franchises or any other
business or commercial rights of similar nature. |
25 |
25 |
|
| |
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| |
| CERTAIN COMMON
DEDUCTIONS from GROSS TOTAL INCOME for A.Y.2009-2010 |
| |
| Section |
Eligible Assessee |
Qualifying Payments/Income |
Amount of Deduction |
| 80C |
Resident Individual/HUF |
- Life insurance Premium ,PPF, PF, Supperannuation Fund, RPF & ULIP of UTI for self ,spouse
children for Individual & any member for HUF.
- Certain deferred Annuity plans for self, spouse & children
in case of Individuals
- Deposits in P.O. SB A/c. (CTD);
- Recognised Provident & Approved Superannuation Fund
- NSC VIII Issue
- Certain payments (Upto Rs.20000) for Purchase /construction of
residential house.
- Notified schemes of PSUs’ providing long-term housing finance
- Units of MF or UTI upto Rs.10000
- Pension Fund of notified MF/UTI
- Subscription to Equity/debentures/ units of MF of eligible issue
of capital (infrastructure of facilities)
- Tuition fees paid to educational institution for any two
children *
|
Maximum upto Rs. 100000/-
Note: Aggregate deduction u/s 80C, 80CCC and 80CCD should not
exceed Rs. 1,00,000/-
|
| 80CCC |
Individual |
Contribution to certain pension funds |
Maximum upto Rs. 100000/-
Note: Aggregate deduction u/s 80C, 80CCC and 80CCD should not
exceed Rs. 1,00,000/- |
| 80D |
Individual, HUF |
Medical insurance premium paid by cheque |
Upto Rs. 15,000/-(Rs.20000/- for senior citizens)
Additional deduction of Rs. 15,000/- in case the premium is paid for
parents. (Rs. 20,000/- in case parents are senior citizens) |
| 80DD |
Resident Individual/HUF |
Medical Treatment of or specified deposits
for handicapped dependent |
Rs. 50,000/-(Rs.75,000/- for person
with severe disability i.e. over 80%). |
| 80DDB |
Resident Individual/HUF |
Medical treatment of specified diseases of
himself or dependent parents or members of HUF |
Upto Rs. 40,000 & ( upto Rs. 60,000 for senior
citizen) |
| 80E |
Individual |
Interest on loan taken for pursuing higher
education from bank or financial institution. |
Actual Interest Paid, provided it is paid
from the income earned during the year. |
| 80G |
Any Assessee |
Donations to certain eligible funds , charitable
institutions etc. (Generally Donations, not exceeding 10% of GTI as
reduced by other deductions) |
- 50% Generally &
- 100% in specified cases.
|
| 80GGA |
Any Assessee |
Certain donations for scientific research
or rural development etc. |
Actual Amount of Donation. |
| 80U |
Resident Individual. |
Income of a person, who is suffering
from permanent physical disability including blindness or is subject
to Mental Retardation, as specified. |
Rs. 50,000/- (Rs.75,000/- for person with
severe disability) |
|
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|
| REBATES FROM
INCOME TAX PAYABLE FOR A.Y. 2008-2009 |
| |
| Section |
Eligibility |
Quantum of Rebate |
88E
|
All Assessees- Business income
arising from Taxable Securities Transactions. Proof of payment of
STT in the prescribed from to be furnished with the return |
Amount of STT paid
Rebate not to exceed the amount of income tax calculated at average
rate of tax. |
Note:
A.Y.2009-2010 onwards securities transactions tax paid by the assessee
during the year in respect of taxable securities transactions entered
into in the course of business shall be allowed as deduction under
section 36 of the income tax act subject to the condition that such
income from taxable securities transactions is included under the head
'profits and gains of business or profession'. |
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|
| INCOME
EXEMPT FROM TAX |
|
| Section |
Type of
Assessee |
Type of
Income |
Limits |
| 10(1) |
All Assessee |
Agricultural Income |
No Limit |
| 10(2) |
Member of HUF |
Receipt by a member from the
HUF |
No Limit |
| 10(2A) |
Person being a partner of
the firm |
Share of profit from
partnership firm |
No Limit |
| 10(4)(i) |
Non Resident |
Interest on specified
securities and bonds issued prior to 1.6.2002 |
No Limit |
| 10(4B) |
Non-resident being a citizen
of India or a person of Indian origin |
Interest on specified saving
certificate subscribed in foreign currency issued prior to 1.6.2002 |
No Limit
|
| 10(10CC) |
Salaried employee |
The amount of tax paid by
the employer on behalf of the employee shall not be included in
perquisites |
Amount
actually paid |
| 10(10D) |
All assessees |
Any sum received under a
life insurance policy including bonus, other than amount received
under a keyman insurance policy. |
Full Amount |
| 10(11) |
All assessees |
Payment from Provident Fund |
Full Amount |
| 10(12) |
Salaried employee |
Accumulated balances due
from recognised provident fund. |
Full Amount
|
| 10(13) |
Salaried employees |
Payment from approved superannuation fund.. |
Full Amount |
| 10(15)(ii)(c) |
Individuals/HUF's |
Interest on RBI Relief Bonds |
Full Amount |
| 10(16) |
Individual |
Scholarship granted to meet
cost of education |
No Limit |
| 10(32) |
Individual-Parent |
Income of a minor child
which is included |
Upto Rs.1,500 per minor
child. Max.2 children. |
| 10(33) |
All assessees |
Capital Gain arising on
transfer of Unit 64 on or after 1-4-2002. |
No Limit |
| 10(34) |
All assessees |
Dividend from Domestic
Company on which dividend distribution tax is paid |
No Limit |
| 10(35) |
All assessees |
Income in respect of UTI
Income in respect of Mutual Fund specified u/s 10(23D) |
No Limit |
| 10(38)[w.e.f.
1/10/2004]
|
All assessees |
LTCG on transfer of equity share in a company or a
unit of equity oriented fund where such transaction is subjected to
Securities Transaction Tax (STT) |
No Limit |
|
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