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1. Tax Rates for Individuals/HUF/AOP/BOI

For A.Y. 2009-10 (Refer Notes)
Income	Rate(%)
Up to 150000*	NIL
150001 to 300000	10
300001 to 500000	20
Above 500000	30

Notes:

1. * Threshold limit for resident women assessees below 65 years of age and resident individuals of 65 years and above to be increased to Rs. 1,80,000/- and Rs. 2,25,000/- respectively.

2. Surcharge @ 10% applicable if total income exceeds Rs. 10,00,000/-.

3. Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs. 10,00,000/- is limited to the amount by which the income is more than Rs. 10,00,000/-.

4. Education Cess @ 2% and Secondary Higher education cess @ 1% leviable on tax plus surcharge.

For A.Y. 2010-11 (Refer Notes)
Income	Rate(%)
Up to 160000*	NIL
160001 to 300000	10
300001 to 500000	20
Above 500000	30

Notes:

1. * Threshold limit for resident women assessees below 65 years of age and resident individuals of 65 years and above to be increased to Rs. 1,90,000/- and Rs. 2,40,000/- respectively.

2. No surcharge to be levied from assessment year 2010-11.

3. Education Cess @ 2% and Secondary and Higher education cess @ 1% leviable on tax.

2. Tax Rates for Firms (including Limited Liability Partnership)

Asst. Year	Tax %	Surcharge %	Education cess/ Secondary & Higher Education cess %	Total %
2009-10	30	10	3	33.99
2010-11	30	-	3	30.99

For assessment year 2009-10, surcharge @ 10% applicable, if total income exceeds Rs. 1,00,00,000/-.

However, surcharge not applicable from assessment year 2010-11. (Marginal relief available)

Allowable remuneration to partners and tax for partnership firms on taxable income (including surcharge and Education cess)

Income (net of int. to partners)	For A.Y. 2009-10				Income (net of int. to partners)	For A.Y. 2010-11
	Maximum Allowable		Tax Payable			Maximum Allowable	Tax Payable A.Y. 2009-10
	Remuneration *					Remuneration*
	Business	Professional	Business	Professional
10,000	10,000	10,000	–	–	10,000	10,000	–
25,000	25,000	25,000	–	–	25,000	25,000	–
50,000	50,000	50,000	–	–	50,000	50,000	–
70,000	63,000	63,000	2,163	2,163	70,000	70,000	–
1,00,000	82,500	90,000	5,408	3,090	1,00,000	1,00,000	–
1,50,000	1,12,500	1,20,000	11,588	9,270	1,50,000	1,50,000	–
2,00,000	1,32,500	1,50,000	20,858	15,450	2,00,000	1,80,000	6,180
3,00,000	1,72,500	1,90,000	39,398	33,990	3,00,000	2,70,000	9,270
4,00,000	2,12,500	2,30,000	57,938	52,530	4,00,000	3,30,000	21,630
5,00,000	2,52,500	2,70,000	76,478	70,380	5,00,000	3,90,000	33,990

* Subject to conditions prescribed in S. 40(b)

3. Tax Rates for Domestic Companies

Asst. Year	Tax %	Surcharge %	Education cess/ Secondary & Higher Education cess %	Total %
2009-10	30	10	3	33.99
2010-11	30	10	3	33.99

Surcharge @ 10% applicable if total income exceeds Rs. 1,00,00,000/- (Marginal relief availablr)

4. Dividend Distribution Tax

Asst. Year	Tax %	Surcharge %	Education cess/ Secondary & Higher Education cess %	Total %
2009-10	15	10	3	16.995
2010-11	15	10	3	16.995

Note: Parent company will be allowed set off of dividend received from its subsidiary in computing its dividend distribution tax subject to certain conditions

5. Income Distribution Tax for Mutual Fund

Rate	A.Y. 2009-10		A.Y. 2010-11
	If Distributed to Individual/  HUF	If Distributed to any other person	If Distributed to Individual/HUF	If Distributed to any other person
Tax %	12.5	20	12.5	20
Surcharge %	10	10	10	10
Edn.Cess %	3	3	3	3
Total %	14.1625	22.66	14.1625	22.66

Note: Income distributed by a money market mutual fund or liquid fund will be taxed @ 25% plus surcharge and Education/Higher Education cess.

6. Co-operative society

Income	Rate %	Education Cess/Secondary & Higher Education cess %	Total %
Up to 10000	10	3	10.3
10001 to 20000	20	3	20.6
20001 and above	30	3	30.9

1. Long Term Capital Gains

(a) On Equity shares and units

Long term capital gain arising on transfer of equity shares in a recognized stock exchange in India or units of an equity oriented Mutual Fund (if 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.

For All Assessees                 Nil – Exempt under section 10(38)

(b) On other assets and equity shares, units except falling in (a) above

Income Tax on Long Term Capital Gains
Resident Individual or HUF	20%
Domestic Companies	20%
Non-residents	20%
NRIs (for gains u/s 115E)	10%
Any other case	20%

Notes:

1. If tax payable in case of Long Term Capital Assets, being listed securities or units or zero coupon bond, exceeds 10% of Capital gains before indexation, then such excess may be ignored.

2. Surcharge at the rates applicable to the assessee. Education cess @ 2% and Secondary and Higher education cess @ 1% applicable on tax inclusive of surcharge.

3. In case of resident individual and HUF, where tax liability arises only because of the inclusion of long term capital gains, tax to be levied at 20% or 10% as the case may be, on the excess over the minimum exemption limit.

4. In case of resident individual and HUF, relief from LTCG is available in respect of the amount by which the Taxable Income other than LTCG falls short of Basic Exemption Limit.

5. No deduction under Chapter VI-A (80C to 80U)

2. Short Term Capital Gains

(a) On Equity shares and units

Short term capital gain arising on transfer of equity shares on recognized stock exchange in India or units of an equity oriented Mutual Fund (if 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable

For All Assessees

15% plus surcharge, plus Education Cess & Secondary and Higher education cess wherever applicable

Notes:

1. No Deduction under Chapter VI-A (80C to 80U)

2. In case resident individual and HUF, relief from STCG available in respect of the amount by which the taxable income other than STCG, falls short of Basic Exemption Limit

(b)

On Short Term Capital Gain Other than in (a) above

At normal Rates

3. Minimum Alternate Tax payable by Companies – As a percentage of Book Profit

For A.Y. 2009-10					For A.Y. 2010-11
Type of companies	Tax  %	Surcharge %	Education & Sec. & Higher Education Cess %	Total	Tax %	Surcharge %	Education, & Sec. & Higher Education Cess %	Total
Domestic	10	10	3	11.33	15	10	3	16.9950
Non- domestic	10	2.5	3	10.5575	10	2.5	3	15.8362

Notes:

1. No Surcharge will be levied on companies having total income of not more than Rs. 1 crore.

2. MAT Credit available in respect of MAT paid from A.Y. 2006-07 onwards. MAT Credit to be carried forward for set off for ten years from assessment year 2010-11.

Assessment Year 2009-10		Advance Tax Obligation (If tax payable exceeds Rs. 5,000)
Due Date of Instalment payable on or before	Amt. Payable as a % of Tax
	For Cos.*		For Other Assessees
15th June	15%		–
15th September	30%		30%
15th December	30%		30%
15th March	Balance		Balance
*MAT also subject to Advance Tax. Refer Circular No. 13 of 2001, [252 ITR (St) 52]

 

Assessment Year 2010-11		Advance Tax Obligation (If tax payable exceeds Rs. 10,000)
Due Date of Instalment payable on or before	Amt. Payable as a % of Tax
	For Cos.*		For Other Assessees
15th June	15%		–
15th September	30%		30%
15th December	30%		30%
15th March	Balance		Balance

*MAT also subject to Advance Tax. Refer Circular No. 13 of 2001, [252 ITR (St) 52]