Tax rate 2010-11

[nasisr haider]

what is the current income tax rate 2010-11

[rishi mohan]

Current income tax slab rates are as follows

Individuals, HUF

Net Income Range	Income Tax Rates	Tax
Upto Rs. 1,60,000	Nil	Nil
Rs. 1,60,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 1,60,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 14,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 54,000 + 30% of total income minus Rs. 5,00,000	--do--

Special Rates for Resident Women (who is below 65 years at any time during the previous year)

Net Income Range	Income Tax Rates	Tax
Upto Rs. 1,90,000	Nil	Nil
Rs. 1,90,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 1,90,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 11,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 51,000 + 30% of total income minus Rs. 5,00,000	--do--

Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)

Net Income Range	Income Tax Rates	Tax
Upto Rs. 2,40,000	Nil	Nil
Rs. 2,40,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 2,40,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 6,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 46,000 + 30% of total income minus Rs. 5,00,000	--do--

Rates for Firms

Rate of Tax is 30%

Rates for Companies

Company		Rate of Income Tax
In case of domestic company		30%
In case of foreign Company
-	Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government	50%
-	Other Income	40%

 

AI Summary

Income tax rates clarified for individuals, women, senior citizens and companies with distinct slab and entity rates. Individuals and HUF are taxed under graduated slabs with a nil threshold and increasing marginal rates; resident women and resident senior citizens have higher nil-income thresholds and adjusted marginal computations. Firms face a flat tax rate and domestic companies are taxed at the stated company rate while foreign company treatment is not provided. Specified royalty and technical-service receipts under historical agreements attract a distinct higher rate; other income is subject to a separate rate.