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Home arrow Taxes arrow Personal Income Tax rates for the year 2006 - 2007
Personal Income Tax rates for the year 2006 - 2007 PDF Print E-mail
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Taxes
Sunday, 28 January 2007

First let us have a look at the personal tax for the year 2006-2007

Heads of Income


There are five heads of income that are taxable:

  • Income from Salary
  • Rental Income
  • Income from Business and profession
  • Capital Gains
  • Income from other sources

Tax Rates

Individual income tax is a progressive tax with three slabs.

Tax Rates for the individual assessment year 2006 - 2007
Taxable incomeRates
Upto Rs 100,000
NIL
Rs 100,001 to 150,000
10%
Rs 150,001 to 250,000
20%
Above Rs 250,001
30%
 

 

Tax Rates for the Woman individual assessment year 2006 - 2007
Taxable incomeRates
Upto Rs 135,000
NIL
Rs 135,001 to 150,000
10%
Rs 150,001 to 250,000
20%
Above Rs 250,001
30%
 

 

Tax Rates for the Senior (Age >65) individual assessment year 2006 - 2007
Taxable incomeRates
Upto Rs 185,000
NIL
Rs 185,001 to 250,000
20%
Above Rs 250,001
30%
 

In addition to the above taxes.

  • Education cess, is charged at 2% of the total tax payable.
  • A surcharge of 10 percent is levied if net income of an individual exceeds Rs.10 Lacs.

 

 
Last Updated ( Sunday, 28 January 2007 )
 
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