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Basic Direct Tax Slabs
For resident woman (who is below 65 years at any time during the previous year)
| Net Income Range |
Income - tax Rates |
Education Cess |
Secondary & Higher Education Cess |
| Upto Rs. 1,90,000 |
N I L |
N I L |
N I L |
| Rs. 1,90,001- Rs. 5,00,000 |
10% of income exceeding Rs. 1,90,000 |
2% of income tax |
1% of income tax |
| Rs. 5,00,001- Rs. 8,00,000 |
Rs. 31,000+20% of income exceeding Rs.5,00,000 |
2% of income tax |
1% of income tax |
| Above Rs. 8,00,000 |
Rs. 91,000+30% of income exceeding Rs.8,00,000 |
2% of income tax |
1% of income tax |
For resident Senior citizen (who is 65 years or more at any time during the previous year)
| Net Income Range |
Income - tax Rates |
Education Cess |
Secondary & Higher Education Cess |
| Upto Rs. 2,40,000 |
N I L |
N I L |
N I L |
| Rs. 2,40,001- Rs. 5,00,000 |
10% of income exceeding Rs. 1,90,000 |
2% of income tax |
1% of income tax |
| Rs. 5,00,001- Rs. 8,00,000 |
Rs. 26,000+20% of income exceeding Rs.5,00,000 |
2% of income tax |
1% of income tax |
| Above Rs. 8,00,000 |
Rs. 86,000+30% of income exceeding Rs.8,00,000 |
2% of income tax |
1% of income tax |
For any other individual, every HUF/AOP/BOI/artificial juridical person.
| Net Income Range |
Income - tax Rates |
Education Cess |
Secondary & Higher Education Cess |
| Upto Rs. 1,60,000 |
N I L |
N I L |
N I L |
| Rs. 1,60,001- Rs. 5,00,000 |
10% of income exceeding Rs. 1,90,000 |
2% of income tax |
1% of income tax |
| Rs. 5,00,001- Rs. 8,00,000 |
Rs. 34,000+20% of income exceeding Rs.5,00,000 |
2% of income tax |
1% of income tax |
| Above Rs. 8,00,000 |
Rs. 94,000+30% of income exceeding Rs.8,00,000 |
2% of income tax |
1% of income tax |
A tax payer can make cumulative contributions of upto INR 100,000 under the eligible categories under section 80C,80D and 80CCC as per his choice.
Minimum Alternate Tax (MAT)
MAT Tax Rate - 15% of Book Profit (For Financial Year 20010-11 MAT Tax Rate - 18%). In case of company assessee, tax will be higher of MAT Computed on book profit OR Tax calculated as per provision of income tax Act, 1961.
Meaning of Book Profit:
| Net Profit/Loss as per profit & Loss A/c |
| Add: |
1. Provision of Income Tax |
|
2. Amount carried to any Reserves. |
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3. Amount set aside to meet any uncertained liabilities including deferred tax and provision thereof. |
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4. Proposed or paid dividend |
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5. Expenditure relatable to Income which is exempt |
| Less: |
1. Amount withdrawn from any reserve. |
|
2. Exempt Income* |
|
3. Amount of loss brought forward or unabsorbed depreciation whichever is less. |
| Book Profit |
|
(Income Exempt u/s 10A,10B & Long term capital gain exempt u/s 10(36) will not be deducted while computing Book Profit for MAT.
Special Rates of Income Tax:
The Special Rates are required to be increased by surcharge & educational cess whatever applicable.
* Where the total income as reduced by above income is below the maximum amount not chargeable to income tax then above income shall be reduced by amount by which total income as so reduced falls short of the maximum amount which is not chargeable to income tax.
| Long term Capital gain chargeable to Securities Transaction Tax (STT) |
Exempt u/s 10 (36) |
| Short term Capital gain chargeable to Securities Transaction Tax (STT) (No deduction u/s 80 allowed from this type of Income) |
15% |
| Long term capital gain other than above (e.g. long term capital gain arising on sale of property ) (No deduction u/s 80 allowed from this type of Income) |
20% |
| Short term capital gain other than above (e.g. long term capital gain arising on sale of property) |
Normal Income* |
The Special Rates are required to be increased by surcharge & educational cess whatever applicable.
* Where the total income as reduced by above income is below the maximum amount not chargeable to income tax then above income shall be reduced by amount by which total income as so reduced falls short of the maximum amount which is not chargeable to income tax.
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Partnership Firms/ LLP (Limited Liability Partnerships) |
Domestic Company with Income of less than one Crore |
Domestic Company with Income of more than one Crore |
Foreign Company with Income of less than one Crore |
Foreign Company with Income of more than one Crore |
| Basic Tax Rate |
30% |
30% |
30% |
40% |
40% |
| Surcharge |
- |
- |
10% for A.Y. 2010-11 7.5% for A.Y. 2011-12 |
- |
2.5% |
| E. Cess |
2% |
2% |
2% |
2% |
2% |
| S & H E. Cess |
1% |
1% |
1% |
1% |
1% |
| Effective Tax Rate |
30.9% |
30.9% |
33.99% for A.Y.
2010-11; 33.22% for A.Y. 2011-12 |
41.2% |
42.23% |
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