Income Tax Provisions for the Financial Year ending 31st March 2009 and Tax Benefits from Life Insurance.
(A) Income Tax Rates for FY 2008-09:
I) For any individual other than referred to in Item no II and III below.
Tax Rates | Surcharge | Education Cess (% of I.T) | Secondary and Higher Education Cess | |
Upto Rs.1,50,000/- | Nil | Nil | Nil | Nil |
Rs.1,50,001- Rs. 3,00,000 | 10% of the amount by which the total Income exceeds Rs.1,50,000 | Nil | 2% | 1% |
Rs.3,00,001- Rs. 5,00,000 | Rs.15,000 + 20%of amount by which the total Income exceeds Rs.3,00,000 | Nil | 2% | 1% |
Above Rs. 5,00,000 | Rs.55,000 + 30% of amount by which the total Income exceeds Rs.5,00,000 | Nil | 2% | 1% |
(II) In case of resident women below 65 years of age.
Tax Rates | Surcharge | Education Cess (% of I.T) | Secondary and Higher Education Cess | |
Upto Rs.1,80,000/- | Nil | Nil | Nil | Nil |
Rs.1,80,001- Rs. 3,00,000 | 10% of the amount by which the total Income exceeds Rs. Rs.1,80,000 | Nil | 2% | 1% |
Rs.3,00,001- Rs. 5,00,000 | Rs.12,000 + 20% of amount by which the total Income exceeds Rs.3,00,000 | Nil | 2% | 1% |
Above Rs. 5,00,000 | Rs.52,000 +30% of amount by which the total Income exceeds Rs.5,00,000 | Nil | 2% | 1% |
(III) In case of Senior citizens (above 65 years of age)
Tax Rates | Surcharge | Education Cess (% of I.T) | Secondary and Higher Education Cess | |
Upto Rs.2,25,000/- | Nil | Nil | Nil | Nil |
Rs.2,25,001- Rs. 3,00,000 | 10% of the amount by which the total Income exceeds Rs. Rs.2,25,000 | Nil | 2% | 1% |
Rs.3,00,001- Rs. 5,00,000 | Rs.7,500 +20% of amount by which the total Income exceeds Rs.3,00,000 | Nil | 2% | 1% |
Above Rs. 5,00,000 | Rs.47,500 +30% of amount by which the total Income exceeds Rs.5,00,000 | Nil | 2% |
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