Income Tax Rate for Last 15 years – for Individual, HUF, AOP and BOI

Income tax rate is a percentage specified in the finance bill as a rate to be charged on the taxable income of financial year to which the finance bill is relevant.

For different assessee different rates are been specified and accordingly they are charged to income tax.

Following lists are specified for individual (like salaried person, self employed person or any other individual), Hindu Undivided Family, Association of Persons and Body of Individual.Income Tax Rate for Last 15 years – for Individual, HUF, AOP and BOI

Income Tax Rate for Assessment Year 1998-1999

Income (in INR)

Income Tax Rate For Assessment Year 1998-1999

On the first 40, 000 Nil
On the next 20, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Income Tax Rate for Assessment Year 1999-2000

Income (in INR)

Income Tax Rate For Assessment Year 1999-2000

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Income Tax Rate for Assessment Year 2000-2001

Income (in INR)

Income Tax Rate For Assessment Year 2000-2001

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2000-2001 in the case of a resident assessee was 10% of tax if the assessee’s income exceeds Rs. 60, 000. No surcharge was payable for Non resident.

Income Tax Rate for Assessment Year 2001-2002

Income (in INR)

Income Tax Rate For Assessment Year 2001-2002

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2001-2002 in the case of a resident and non resident assessee was 12% of tax if the taxpayer’s income exceeds Rs. 60, 000. For Income exceeding Rs. 1, 50,000, 17% will be the charged as surcharge on tax.

Income Tax Rate for Assessment Year 2002-2003

Income (in INR)

Income Tax Rate For Assessment Year 2002-2003

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2002-2003 in the case of a resident and non resident assessee was 2% of tax if the taxpayer’s income exceeds Rs. 60, 000.

Income Tax Rate for Assessment Year 2003-2004

Income (in INR)

Income Tax Rate For Assessment Year 2003-2004

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2003-2004 in the case of a resident and non resident assessee was 5% of tax if the taxpayer’s income exceeds Rs. 60, 000.

Income Tax Rate for Assessment Year 2004-2005

Income (in INR)

Income Tax Rate For Assessment Year 2004-2005

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2004-2005 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 8, 50,000.

Income Tax Rate for Assessment Year 2005-2006

Income (in INR)

Income Tax Rate For Assessment Year 2005-2006

On the first 50, 000 Nil
On the next 10, 000 10%
On the next 90, 000 20%
Over 1, 50,000 30%

Surcharge for the assessment year 2005-2006 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 8, 50,000.

Additional education cess of 2% has to be charged on tax and surcharge

Income Tax Rate for Assessment Year 2006-2007 and 2007-2008

Income (in INR)

IT Rate For Assessment Year 2006-2007 and 2007-2008

Resident Women

Resident Senior Citizen

Any Other

First 1, 00,000

Nil

Nil

Nil

Next 35, 000

Nil

Nil

10%

Next 15, 000

10%

Nil

10%

Next 35, 000

20%

Nil

20%

Next 65, 000

20%

20%

20%

Over 2, 50,000

30%

30%

30%

Surcharge for the assessment year 2006-2007 and 2007-2008 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 10, 00,000.

Additional education cess of 2% has to be charged on tax and surcharge

A person will be called senior citizen if he is 65 years or more at any time during the previous year.

Income Tax Rate for Assessment Year 2008-2009

Income (in INR)

Income Tax Rate For Assessment Year 2008-2009

Resident Women

Resident Senior Citizen

Any Other

First 1, 10,000

Nil

Nil

Nil

Next 35, 000

Nil

Nil

10%

Next 5, 000

10%

Nil

10%

Next 45, 000

20%

Nil

20%

Next 55, 000

20%

20%

20%

Over 2, 50,000

30%

30%

30%

Surcharge for the assessment year 2008-2009 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 10, 00,000.

Education cess – 2% has to be charged on tax and surcharge

Secondary and Higher Education Cess – 1% has to be charged on tax and surcharge

A person will be called senior citizen if he is 65 years or more at any time during the previous year.

Income Tax Rate for Assessment Year 2009-2010

Income (in INR)

Income Tax Rate For Assessment Year 2009-2010

Resident Women

Resident Senior Citizen

Any Other

First 1, 50,000

Nil

Nil

Nil

Next 30, 000

Nil

Nil

10%

Next 45, 000

10%

Nil

10%

Next 75, 000

10%

10%

10%

Next 2, 00,000

20%

20%

20%

Over 5, 00,000

30%

30%

30%

Surcharge for the assessment year 2009-2010 in the case of a resident and non resident taxpayer was 10% of tax if the taxpayer’s income exceeds Rs. 10, 00,000.

Education cess – 2% has to be charged on tax and surcharge

Secondary and Higher Education Cess – 1% has to be charged on tax and surcharge

A person will be called senior citizen if he is 65 years or more at any time during the previous year.

Income Tax Rate for Assessment Year 2010-2011

Income (in INR)

Income Tax Rate For Assessment Year 2010-2011

Resident Women

Resident Senior Citizen

Any Other

First 1, 60,000

Nil

Nil

Nil

Next 30, 000

Nil

Nil

10%

Next 50, 000

10%

Nil

10%

Next 60, 000

10%

10%

10%

Next 2, 00,000

20%

20%

20%

Over 5, 00,000

30%

30%

30%

Surcharge for the assessment year 2010-2011 – NIL

Education cess – 2% has to be charged on tax and surcharge

Secondary and Higher Education Cess – 1% has to be charged on tax and surcharge

A person will be called senior citizen if he is 65 years or more at any time during the previous year.

Income Tax Rate for Assessment Year 2011-2012

Income (in INR)

Income Tax Rate For Assessment Year 2011-2012

Resident Women

Resident Senior Citizen

Any Other

First 1, 60,000

Nil

Nil

Nil

Next 30, 000

Nil

Nil

10%

Next 50, 000

10%

Nil

10%

Next 2, 60, 000

10%

10%

10%

Next 3, 00,000

20%

20%

20%

Over 8, 00,000

30%

30%

30%

Surcharge for the assessment year 2011-2012 – NIL

Education cess – 2% has to be charged on tax and surcharge

Secondary and Higher Education Cess – 1% has to be charged on tax and surcharge

A person will be called senior citizen if he is 65 years or more at any time during the previous year.

Income Tax Rate for Assessment Year 2012-2013

Income (in INR)

Income Tax Rate For Assessment Year 2012-2013

Resident Women

Resident Senior Citizen

Resident Super Senior Citizen

Any Other

First 1, 80,000

Nil

Nil

Nil

Nil

Next 10, 000

Nil

Nil

Nil

10%

Next 60, 000

10%

Nil

Nil

10%

Next 2, 50, 000

10%

10%

Nil

10%

Next 3, 00,000

20%

20%

20%

20%

Over 8, 00,000

30%

30%

30%

30%

Surcharge for the assessment year 2012-2013 – NIL

Education Cess – 2% has to be charged on tax and surcharge

Secondary and Higher Education Cess – 1% has to be charged on tax and surcharge

Senior citizen is a person who is 60 years old or more at any time during the previous year but less than 80 years on the last day of the previous year.

Super Senior citizen is a person who is 80 years or more at any time during the previous year.

IT Rates For Assessment Year 2013-2014

IT Rates For Assessment Year 2014-2015