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Income Tax Rates

1. Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI) whether incorporated or not, or every artificial juridical person referred to in Section 2(31) (vii) of the Income-tax Act.

   Income Slab	Rates
   Where the income does not exceed Rs. 50,000	Nil
   Where the total income exceeds Rs. 50,000 but does not exceed Rs. 60,000	10% of the amount by which the total income exceeds Rs. 50,000
   Where the total income exceeds Rs. 60,000 but does not exceed Rs. 1,50,000	Rs. 1000 + 20% of the amount by which the total income exceeds Rs. 60,000
   Where the total income exceeds Rs. 1,50,000	Rs. 19000 + 30% of the amount by which the total income exceeds Rs. 1,50,000.

   Surcharge:
   There will be no surcharge for AY: 2005-06 on income upto Rs 8.5 lacs. Where the income exceeds Rs 8.5 lacs there will surcharge at 10%.

   Education Cess:
   There will be additional surcharge payable @ 2% on the aggregate of income-tax and surcharge.

   Rebate:

   • In case of individual, where the total income does not exceed Rs. 1,00,000/-, the assessee shall not be liable, in view of s. 88-D of the Act, to pay any income-tax payable on such income arrived at after claiming the rebate u/s. 88, 88B and 88C of the Act.
   • Marginal relief is provided in the case of individual whose total income exceeds Rs. 1,00,000/- and the income-tax payable on such total income exceeds the amount by which such total income is in excess of Rs. 1,00,000/-.
2. Co-operative Society

   Income Slab	Rates
   Where the income does not exceed Rs. 10,000	10% of the total income
   Where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000	Rs. 1,000 + 20% of the amount by which the total income exceeds Rs. 10,000.
   Where the total income exceeds Rs, 20,000	Rs. 3,000 + 30% of the amount by which the total income exceeds Rs, 20,000.

   Surcharge:
   is payable @ 2.5% of the income-tax on every rupee of income.

   Education Cess:
   There will be additional surcharge payable @ 2% on the aggregate of income-tax and surcharge.

3. Firm
   On the whole of the total income 35%.

   Surcharge:
   is payable @ 2.5% of the income-tax on every rupee of income.

   Education Cess:
   There will be additional surcharge payable @ 2% on the aggregate of income-tax and surcharge.

4. Local Authority On the whole of the total income 30%

   Surcharge:
   is payable @ 2.5% of the income-tax on every rupee of income.

   Education Cess:
   There will be additional surcharge payable @ 2% on the aggregate of income-tax and surcharge.

5. Company:
   

   Income Slab	Rates
   In the case of a domestic company	35% of the total income
   In the case of a company other than a domestic company, on so much of the total income as consists of,-- royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government of the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976, or fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.	50% of the total income
   on balance if any, of the total income:	40% of the total income

   Surcharge:
   is payable @ 2.5% of the income-tax on every rupee of income in the case of every domestic company.

   Education Cess:
   There will be additional surcharge payable @ 2% on the aggregate of income-tax and surcharge.

   Note:

   • All Companies, including foreign companies, would be subject to surcharge.
   • Surcharge would be payable on the net income-tax payable after granting rebate under section 88, 88B and 88C of Act.