Income Tax Rates for Individuals for the Financial Year 2008-09
Income tax rates vary from one individual to other depending on the status and type of citizenship he/she holds. For the purpose of calculating income tax, Income Tax Act has classified assessees in to three categories, they are:-
Resident Senior Citizen or Assessee – All individuals, whose age is above 65 years.
Resident Female citizen or Assessee – All women aged below 65 years.
Ordinary citizen or others – All individuals, who do not fall under above two categories.
In case where the Total Income exceeds Rs 10,00,000, there would be a surcharge @ 10%.Marginal relief is available to assessee whose income just exceeds Rs. 10,00,000.Education Cess on Income Tax Education Cess @ 3% will be payable on the amount of income tax (including surcharge).
Good information. Thanks!!