Tax rates
Tax rates for individuals for the assessment year 2006-07 (FY 2005-06)
Level of Income
Tax rates (default)
Tax rates (female below 65 years of age)
Tax rates (individual of age 65 years and above)
Up to Rs 1,00,000
Nil
Nil
Nil
Rs 1,00,000 to Rs 1,50,000
10% of the amount by which the income exceeds Rs 1,00,000
10% of the amount by which the income exceeds Rs 1,35,000
Nil
Rs 1,50,000 to Rs 2,50,000
Rs 5,000 plus 20% of the amount by which the income exceeds Rs 1,50,000
Rs 1,500 plus 20% of the amount by which the income exceeds Rs 1,50,000
20% of the amount by which the income exceeds Rs 1,85,000
Above Rs 2,50,000
Rs 25,000 plus 30% of the amount by which the income exceeds Rs 2,50,000
Rs 21,500 plus 30% of the amount by which the income exceeds Rs 2,50,000
Rs 13,000 plus 30% of the amount by which the income exceeds Rs 2,50,000
*Where the total income exceeds Rs 10,00,000, surcharge applicable would be 10 per cent of the tax liability.
Education cess is payable at 2% of the tax liability (including surcharge)
Tax rates for individuals for the assessment year 2005-06 (FY 2004-05)
Level of Income
Tax rates
Effective rate
Up to Rs 50,000
Nil
Nil
Rs 50,000 to Rs 60,000
10% of the amount by which the income exceeds Rs 50,000
10%
Rs 60,000 to Rs 1,50,000
Rs 1,000 plus 20% of the amount by which the income exceeds Rs 60,000
20%
Rs 1,50,000 to Rs 8,50,000
Rs 19,000 plus 30% of the amount by which the income exceeds Rs 1.5 lakh
30%
*Where the total income exceeds Rs 8,50,000, surcharge applicable would be 10 per cent
Education cess is payable at 2% of the tax liability (including surcharge)
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For above information in a tabular form please open site >>
http://www.outlookmoney.com/scripts/TAX002C1.asp?type=self4
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If you require any more information on tax rates of any other year, please feel free to email me.
2006-10-23 22:52:45
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answer #1
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answered by PK LAMBA 6
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