India Income Tax Rate

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India Tax Latest News And Updates

New income tax return forms to be modified: Jaitley
May 13, 2015 10:11 AM
The government has decided to modify the new Income Tax Return (ITR) forms following concerns raised over them last month, Finance Minister Arun Jaitley told parliament on Tuesday. "The government has received representation on the new return forms notified on April 15, 2015 and taking into account concerns raised, the government has decided to modify the return forms," Jaitley told the Rajya Sabha in a written reply. The Central Board of Direct Taxes had notified new norms and the attendant forms that, among other issues, requires an assessee to furnish all bank details, accounts opened or closed in the year with the closing balance, as also the sources of funds for expenses in an overseas travel. Source: IANS

Income Tax Rate is the vital part of the income tax as charged by the Indian government on taxable incomes of the individuals, companies, co-operative societies, firms, trusts and any other artificial person.

The income tax, which is calculated on the basis of India income tax rate, is levied on each of the individual person and is governed by the Indian Income Tax Act. 1961. It is the Ministry of Finance, Govt. of India, which determines the India income tax rate.

New Income Tax Rates


Individuals
The new India Income Tax Rates announced by Finance Minister of India for individuals while presenting the Union Budget 2011-12 in the parliament are listed below:

IT Slab (in INR)Tax to be Charged
Earnings from 0 to 1,80,000 (for men)NIL
Earnings from 0 to 1,90,000(for women)NIL
Earnings from 0 to 2,50,000(for senior citizens)NIL
Earnings from 1,80,001 to 5,00,000(for men)10.00%
Earnings from 1,90,001 to 5,00,000(for women)10.00%
Earnings from 2,50,001 to 3,00,000(for senior citizens)10.00%
Earnings from 5,00,001 to 8,00,000 (for all)20.00%
Earnings more than 8,00,000 (for all)30.00%


Amendments introduced to the Individual Income tax system for the FY 2010-11:
  • Tax exemption of 20,000 on investment in tax saving Infrastructure bonds. Exemption of up to 1,00,000 is already allowed under specific savings instruments.
  • Introduction of new section in e-TDS/TCS form namely : PAO / DDO code; State name; Ministry name; Name of the utility (for return purpose) and PAO / DDO registration no
  • 3% Education cess valid on income tax including 10% surcharge if applicable
  • Tax exclusion will be specified for donations to the Central Government Health Scheme (CGHS)
  • Subsidiary tax relief offered to guarantee that the supplementary IT to be paid, inclusive of additional charge on surfeit earnings of over Rs 1,000,000 is restricted to a sum by which the earnings is above this mentioned sum.
  • Income tax exemption on agricultural income
Association of Persons (AOP) and Body of Individuals (BOI)
The new India Income Tax Rates announced by Finance Minister of India for Association of Persons (AOP) and Body of Individuals (BOI) while presenting the Union Budget 2011-12 in the parliament are listed below:

IT Slab (in INR)Tax to be Charged
Earnings upto 1,80,000NIL
Earnings from1,80,000 to 5,00,00010.00%
Earnings from 5,00,000 to 8,00,00032,000/- + 20%
Earnings more than 5,00,00092,000/- + 30%
Co-operative Society
The new India Income Tax Rates announced by Finance Minister of India for Co-operative Society while presenting the Union Budget 2011-12 in the parliament are listed below:

IT Slab (in INR)Tax to be Charged
Earnings upto 10,00010.00%
Earnings from 10,000 - 20,0001,000 + 20%
Earnings more than 20,0003,000 + 30%


Income Tax Calculator