For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
|Taxable income slab (Rs.)||Rate (%)|
|Up to 1,10,000 |
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above)
|1,10,000 – 1,50,000||10|
|1,50,001 – 2,50,000||20|
|2,50,001 – 1,000,000||30|
Note : -
- Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
- 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.