Home  Taxes Personal Income Tax rates for the year 2006 - 2007
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Personal Income Tax rates for the year 2006 - 2007 |
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Taxes
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Sunday, 28 January 2007 |
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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 RatesIndividual income tax is a progressive tax with three slabs. Tax Rates for the individual assessment year 2006 - 2007 | | Taxable income | Rates | 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 income | Rates | 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 income | Rates | 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.
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Last Updated ( Sunday, 28 January 2007 )
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