Taxation - Income Tax

PERSONAL INCOME TAX RATES / SLAB 2008-09

For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):

For the Assessment Year 2008-09

Taxable income slab (Rs.)	Rate (%)
Up to 1,50,000 Up to 1,80,000 (for women) Up to 2,25,000 (for resident individual of 65 years or above)	NIL
1,50,000 – 3,00,000	10
3,00,001 – 5,00,000	20
5,000,001 upwards	30*

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
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.

Tax Calculator 2008

Every income tax assessees to get relief of minimum of Rs 4,000.