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Tuesday, April 10, 2007

How to easily calculate Income tax slab for financial year 2007 - 2008 in India?

Below is all the information for you to easily calculate Income tax slab for financial year 2007-2008 assessment year 2008-2009 as per the Indian Income Tax Department publications.

Taxable income slab (Rs.) Rate (%)
1,10,000 (individuals other than women/senior citizens) NIL
1,45,000 (for women) NIL
1,85,000 (for senior citizens) NIL
1,10,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge


For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
  • Upto 145000 nil
  • 145000 to 150000 10% of (TI-145000) + 3% education cess
  • 150000 to 250000 500+20% of (TI-150000) +3% education cess
  • 250000 to 1000000 20500+30% of (TI- 250000) +3% education cess
  • above 1000000 245500+30%of (TI-1000000) +10% of income tax Surcharge + 3% of income tax and surcharge


For resident senior citizen (who is of 65 years or more at anytime during the previous year)
  • upto 195000 nil
  • 195001 to 250000 20% of (TI-195000)+3% edu cess
  • 250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
  • above 1000000 236000+30% of (TI- 1000000)+10% sc +3% edu cess


For any other individual, every HUF/AOP/BOI/Artificial juridical person
  • upto 110000 nil
  • 110000 to 150000 10%of (TI - 110000)+3% ec
  • 150001 to 250000 4000+20% of (TI-150000)+3% ec
  • 250001 to 1000000 24000+30% of(TI- 250000)+3%ec
  • above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec

* ec Education Cess
* sc Surcharge
* TI Toal Income

Individuals-other than senior citizens and ladies
  • Up to 110000- No Tax
  • 110001 to 150000-10%
  • 150001to250000-20%
  • 250001and above-30%
  • Ladies other than Senior Citizens
  • Up to 145000-No Tax
  • 145001 to 150000-10%
  • 150001to250000-20%
  • 250001and above-30%
  • Senior Citizens
  • Up to 195000-No tax
  • 195001to250000-20%
  • 250001and above-30%
  • Investment u/s 80C eligible for deduction from income-Rs.100000

8 comments:

  1. Anonymous said,

    Hi this is quite an easy guide to the income tax, broken down simply...great guns thanks.

    on 4/21/2007 12:45 PM


  2. JASON S said,

    Hi,

    Thanks for your comments. Nice to know that it helped.

    Cheers!!
    Jason

    on 4/21/2007 1:46 PM


  3. Harsh Chandra said,

    Hey its really a nice article .Provides all the required details regarding Tax deduction. Good one/ Keep up the good work .!!

    on 10/18/2007 3:03 PM


  4. Mohit said,

    Thanks.
    Very Helpful.
    Keep up the good work.

    on 12/31/2007 3:32 PM


  5. Gaurav said,

    Hi Jason

    I recently bought a place and I ended up paying 160,000 as a stamp duty is there a provision to get any rebate in tax under some section?

    Thanks in adavnce

    Gaurav

    on 2/24/2008 8:58 PM


  6. JASON S said,

    Hi Gaurav,

    I don't think that Stamp Duty comes under any exemption.

    Cheers!!
    Jason

    on 2/25/2008 10:09 AM


  7. suresh said,

    Hi Jason

    Thanks for your Income Tax Information

    Thanks

    on 2/27/2008 4:50 PM


  8. Anonymous said,

    Thanks Jason,
    You were of great help!!!
    Ravi

    on 5/31/2008 10:46 AM