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Investment Insurance and Income Consultant India

INCOME TAX RATES

Life Insurance for FamilyFor individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):For Year 2008-2009

 

 

 

TAXABLE INCOME SLAB (Rs.) RATE (%)
Up to Rs. 160,000 (a)(b) NIL
Rs. 160,001 to Rs. 300,000 10%
Rs. 300,001 to Rs. 500,000 20%
Rs. 500,001 and above (c) 30%


Note:

  • In the case of a resident woman below the age of sixty-five years, the basic exemption limit is Rs. 190,000
  • In the case of a resident individual of the age of sixty-five years or above, the basic exemption limit is Rs. 240,000
  • Surcharge is not applicable
  • Education cess is applicable @ 3 percent on income-tax
  • Marginal relief may be available.

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