New tax slabs after Budget 2009

July 6, 2009

tax Slab

Reblog this post [with Zemanta]

Tax slab applicable for assessment year 2009-10 or financial year 2008-09

July 1, 2009

Tax rates for ALL except senior citizens and women

Up to Rs 150,000: Nil

Rs 150,000-300,000: 10% of total income exceeding Rs 150,000

Rs 300,000-500,000: Rs 15,000 +20 of total income exceeding Rs 300,000

Rs 500,000-1 million: Rs 55,000 +30% of total income exceeding Rs 500,000

Above Rs 1 million: Rs 205,000 +30% of total income exceeding Rs 1 million

Tax rates for Senior Citizens

Up to Rs 225,000: Nil

Rs 225,000-300,000: 10% of total income exceeding Rs 225,000

Rs 300,000-500,000: Rs 7,500 +20% of total income exceeding Rs 300,000

Rs 500,000-1 million: Rs 47,500 +30% of total income exceeding Rs 500, ,000

Above Rs 1 million: Rs 197,500 +30% of total income exceeding Rs 1 million

Tax Rates For Women

Up to Rs 180,000: Nil

Rs 180,000-300,000: 10% of total income exceeding Rs 180,000

Rs 300,000-500,000: Rs 12,000 +20% of total income exceeding Rs 300,000

Rs 500,000-1 million: Rs 52,000 +30% of total income exceeding Rs 500,000

Above Rs 1 million: Rs 202,000 +30% of total income exceeding Rs 1 million

Taxable income level

10% surcharge on income above Rs 1 million, 3% cess on tax payable