what is the income-tax percentage we have to pay in india?

Answer 1

For individuls there are three slabs from financial year 2007-2008 onwards

upto rs 1,10,000 -- Nil
Rs 1,10,000 to Rs 1,50,000-- 10%
Rs 1,50,000 to rs 2,50,000 -- 20%
above rs 2,50,000 -- 30%

For women below the age of sixty five years at any time during the year

upto rs 1,45,000 -- Nil
rs 1,45,000 to rs 1,50,000 -- 10%
rs 150,000 to rs 2,50,000-- 20%
above rs 2,50,000 -- 30%

For senior citizens above the age of 65 years at any time during the year:

upto rs 1,95,000 -- Nil
rs 195,000 to rs 2,50,000 -- 20%
above rs 2,50,000 -- 30%

Surcharge is levied at the rate of 10% if income is above Rs 10 lakhs. Education Cess of 2% and Secondary and higher education cess of 1% is leviable on the total amount of tax and surcharge.

For firms and domestic companies tax rate is 30%.
Surcharge is 10% if income is above rs 1 crore. Education Cess of 2% and Secondary and higher education cess of 1% is leviable on the total amount of tax and surcharge. Domestic companies also have to pay a dividend distribution tax on the amounts of dividends distributed @12.5%(plus surcharge and cess). For dividends distributed after 1.4.2007 this rate is 15% (plus surcharge and cess).

For foreign companies tax rate is 40%. Surcharge is 2.5% if income is above rs 1 crore. Education Cess of 2% and Secondary and higher education cess of 1% is leviable on the total amount of tax and surcharge

Answer 2

It depends upon various factors such as
1. Residential Status
2. Type of Business.
3. Gender of the Assessee
4. Age of the assessee.

Depending upon the above tax rate are fixed, at present rates are like 10%,20% and 30%

Following may help you to analyise better.
Following is the Tax rate.

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 135000 nil
135000 to 150000 10% of (TI-135000) + 2% education cess
150000 to 250000 1500+20% of (TI-150000) +2% education cess
250000 to 1000000 21500+30% of (TI- 250000) +2% education
cess
above 1000000 246500+30%of (TI-1000000) +10% of income tax Surcharge + 2% of income tax and surcharge


For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 185000 nil
185001 to 250000 20% of (TI-185000)+2% edu cess
250001 to 1000000 13000+30% of (TI- 250000)+2% edu cess
above 1000000 238000+30% of (TI- 1000000)+10% sc
+2% edu cess


For any other individual, every HUF/AOP/BOI/Artificial juridical person

upto 100000 nil
100000 to 150000 10%of (TI- 100000)+2% ec
150001 to 250000 5000+20% of (TI-150000)+2% ec
250001 to 1000000 25000+30% of(TI- 250000)+2%ec
above 1000000 250000+30% of (TI-1000000)+10% sc+2%ec