What are the indian income tax slabs for financial year 2007-08?

Answer 1

For AY 2008-09
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 145000 nil
1,45,001 to 1,50,000 10% of (TI-1,45,000) + 3% ec
1,50,001 to 2'50'000 500+20% of (TI-150000) +3% ec
2'50'000 to 10'00'000 20500+30% of (TI- 250000) +3% ec
above 10'00'000 245500+30%of (TI-1000000) +10%Surcharge + 3% of income tax and surcharge


For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 1'95'000 nil
1'95'001 to 2'50'000 20% of (TI-195000)+3% ec
2'50'001 to 10'00'000 11000+30% of (TI- 250000)+3% ec
above 10'00'000 236000+30% of (TI- 1000000)+10% sc
+3% edu cess


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

upto 1'10'000 nil
1'10'000 to 1'50'000 10%of (TI - 110000)+3% ec
1'50'001 to 2'50'000 4000+20% of (TI-150000)+3% ec
2'50'001 to 10'00'000 24000+30% of(TI- 250000)+3%ec
above 10'00'000 249000+30% of (TI-10'00'000)+10% sc+3%ec

* ec Education Cess
* sc Surcharge
* TI Toal Income

Answer 2

India Income Tax Rates

Answer 3

Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) - Nil

1,10,000 – 1,50,000 - 10%
1,50,001 – 2,50,000 - 20%
2,50,001 – 1,000,000 - 30%
1,000,001 upwards - 30%+*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.

Answer 4

PERSONAL TAX RATES

For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
Taxable income slab (Rs.) Rate (%)
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) NIL
1,10,000 – 1,50,000 10
1,50,001 – 2,50,000 20
2,50,001 – 1,000,000 30
1,000,001 upwards 30*
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.

Answer 5

Tax to be computed at normal rate on the basis of following table.
Basic Exemption Rs.1,10,000/-
From 1,10,000/- to 1,50,000 @ 10%
1,50,000/- to 2,50,000 @ 20%
2,50,000/- onward @ 30%

Surcharge to be levied @ 10% in case taxable income exceeds Rs.10,00,000/-. Education Cess to be added @ 3%.
However Basic Exemption for Woman Tax Payers shall be Rs.1,45,000/- and for Senior Citizen Rs.1,95,000/-
2. Education Cess @ 3% is applicable with effect from 1.4.2007.

Answer 6

1,00,ooo is the limit. dduct it from gross income. deduct hra and professional tax. from the balance reduce maximum 1,00,000 as your savings. but u have to show the evidence. then ur taxable income arrives. the slab rates are
where the total income does not exceed 1,00,000 ----nil
where the total income exceeds 1,00,000 but does not exceed 1,50,000 10% of the amount by which the total income exceeds rs,100,000 (3) where the total income exceeds 1,50,000 but does not exceed 2,50,000 rs.5,000/- plus 20% of the amount by which the total income exceeds rs.1.50,000.(4) where the total income exceeds rs.2.50,000 rs.25,000 plus 30% of the amount by which the total income exceeds 2,50,000. education cess at 2% on the taxable income.

Answer 7

income tax slab is
after salary of 1 lakh income tax is started

Answer 8

Up to 1 Lac free and in women case 1.35 Lac free and in the case of seiner citizen 1.85 Lac free

Up to 100001 to 1.5 Lac 10%

Up 150001 to 2.5 Lac 20%

and above 30%

In case of partership firm & companies rate of tax 30% applicable on net profit

Answer 9

the indian income tax slads for financial year 2007-08 are 52000 crore .

Answer 10

go to Income Tax India govt site