What are the income tax rates in india for year 2007-08, and assessment year 2008-09?
For a salaried individual: I) In case of every individual other than the individual referred to in item II and III below: Total Income (Rs.) —— Rate 1,10,000 to 1,50,000 —–10% 1,50,000 to 2,50,000 —–4,000 + 20% Above 2,50,000 ———-24,000 + 30% II) In case of women employees below 65 years of age: Total Income (Rs.) ——Rate 1,45,000 to 1,50,000 —-10% 1,50,000 to 2,50,000 —-500 + 20% Above 2,50,000 ———20,500 + 30% II) In case of senior citizens: Total Income (Rs.) ——Rate 1,95,000 to 2,50,000 —-20% Above 2,50,000 ———11,000 + 30% A) Surcharge on Income-tax: Surcharge on income tax on all firms and companies with a taxable income of Rs.1 crore or less will get removed. B) Surcharge on T.D.S. on the payment other than salaries: The amount of income tax deducted in accordance with the provision of Chapter XVII B shall be increased by a surcharge calculated. In the case of every individual, HUF, association of persons and body of individuals, whether inc
