K.MURUGAN & Co.,
Chartered Accountants
A. Income Tax Rates/ Slabs
INDIVIDUALS
Rates of Tax for individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI) for payment of advance Tax for Assessment Year 2009-10. (Financial Year 2008-09)
For the Assessment Year 2009-10 |
Taxable income
(RS.) |
Senior citizens |
Women below 65 years |
Other Individuals, HUF, AOP, BOI, etc., |
Up to 1,50,000 |
NIL |
NIL |
NIL |
1,50,001 – 1,80,000 |
NIL |
NIL |
10% |
1,80,001 -2,25,000 |
NIL |
10% |
Rs.3000+10% |
2,25,001-3,00,000 |
10% |
Rs.4500+10% |
Rs.7500+10% |
3,00,001-5,00,000 |
Rs.7,500+20% |
Rs.12,000+20% |
Rs.15000+20% |
Above 5,00,000 |
Rs.47,500+30% |
Rs.52,000+30% |
Rs.55000+30% |
Note: -
A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs. 10,00,000.
-
Education cess @ 2 per cent and Secondary & Higher Education cess @ 1% shall be leviable on the amount of income tax and surcharge.
-
Taxable income excludes long term gains, which are taxable at specified rates as per section 112 and short term capital gains taxable at specified rates as per section 111A.
-
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.
FIRM:-
Basic Rate |
30% of Total Income |
Surcharge (applicable only if the Total Income exceeds Rs.1 crore) |
10% of Income-Tax |
Education Cess |
2% of Income-Tax |
Secondary Higher Education Cess |
1% of Income-Tax |
COMPANIES:-
Residential Status of the Company |
Basic Rate of Income-Tax |
Surcharge (If Total Income does not exceed Rs. 1 Crore) |
Surcharge (If Total Income exceed Rs. 1 Crore) |
Domestic company |
30 % |
NIL |
10 % |
Foreign Company
-
Royalty received from Government or an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical service in pursuance of an agreement which, in either case, has been approved by the Central Government;
|
50%
40%
|
NIL
NIL
|
2.5%
2.5%
|
§ Secondary Higher Education Cess: - 1 % of Income-Tax.
§ Education Cess: - 1 % of Income-Tax
B. TIME FOR FILING RETURN
The due dates for filing of returns are as follows: [sec.139 (1) Expl.]
SL. No. |
Particulars |
Due Date of filing Return |
1. |
Companies |
30th September |
2. |
Assessees other than companies, whose accounts are required to be audited under the Income Tax Act or any other law |
30th September |
3. |
A working partner of a firm whose accounts are required to be audited |
30th September |
4. |
All other assessees |
31st July |
|
