Business in India

Business in India, one the fastest growing economies, has been growing faster ever since 'economic liberalisation' opened the floodgates of worldwide trade in 1991. Tremendous scope for business exists in India, which boasts of being the 10th largest economy of the world in terms of market exchange rate and third largest on the count of Purchasing Power Parity.

India is rapidly surging ahead on the global economic front and thus brandishes great business opportunities in all sectors. Its mighty, second largest labour class in the world with 48.66 crore workmen, is poised to attract massive foreign investments. Business houses and multinational corporations across the globe have great expectations' from India’s burgeoning economic prowess.


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Individual resident aged below 60 years or any NRI/ HUF/ AOP/ BOI/ AJP*
Annual IncomeTax Rates
Up to Rs.2,50,000Nil
Rs.2,50,001 - Rs.5,00,0005%
Rs.5,00,001 - Rs.10,00,000Rs.12,500 + 20%
Above Rs.10,00,000Rs.1,12,500 + 30%
In case of a resident senior citizen (who is 60 years or more but less than 80 years)
Annual IncomeTax Rates
Up to Rs.3,00,000Nil
Rs.3,00,001 - Rs.5,00,0005%
Rs.5,00,001 - Rs.10,00,000Rs.10,000 + 20%
Above Rs.10,00,000Rs.1,10,000 + 30%
In case of a resident super senior citizen (who is 80 years or more)
Annual IncomeTax Rates
Up to Rs.5,00,000Nil
Rs.5,00,001 - Rs.10,00,00020%
Above Rs.10,00,000Rs.1,00,000 + 30%
TDS should be deducted at applicable rates as above along with surcharge and Education Cess.
Rebate under Section 87A
Surcharge: 10% of the Income Tax, where the taxable income is between Rs. 50 lakhs and Rs. 1 crore. However, the amount of Income Tax and Surcharge will not raise the amount of income tax that is payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income. 15% of the Income Tax, where taxable income is in excess of Rs. 1 crore. However, the amount of Income Tax and Surcharge will not raise the amount of income tax that is payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income. Education Cess: 3% of the total of Income Tax and Surcharge. * Abbreviations used: NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

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Last Updated: July 30, 2019