Monday, July 21, 2008

Income Tax Rates For FY 2005-06 & 2006-07

For Men & HUF:
0 - - 1,00,000 Nil
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%

For Women
0 - 1,35,000 Nil
1,35,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%

For Senior Citizen
0 - 1,85,000 Nil
1,85,001 - 2,50,000 20%
More than 2,50,001 30%

Note:
*Surcharge @ 10% applicable if total income exceeds Rs. 8.5 lakh for A.Y. 2005-06 and Rs. 10 lakh for A.Y. 2006-07.
*There is a new section 80C according to which a person can get rebate upto Rs. 1,00,000 against insurance premium, PF contributions and other such schemes.
*In case of higher education there is a deduction in tax for a maximum period of 8 years.
*Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs. 10,00,000 (Rs. 8.5 lakh for A.Y. 2005-06) is limited to the amount by which the income is more than Rs. 10 lakh (Rs. 8.5 lakh for A.Y. 2005-06).
*Education cess @ 2% on tax plus surcharge.

1 comment:

  1. Can You please answer that For A.y. 2005-06, Contribution made to PPF is claimed Deduction U/s Which section???

    ReplyDelete