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Income Tax in India

Income Tax in India

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Published by Dr Sarbesh Mishra
Discusses India's Income Tax regulations and calculations.
Discusses India's Income Tax regulations and calculations.

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Categories:Types, Business/Law
Published by: Dr Sarbesh Mishra on Feb 07, 2010
Copyright:Attribution Non-commercial

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07/12/2013

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Dr Sarbesh Mishra1
Income Tax in India
Dr Sarbesh MishraFinance Area
 
Dr Sarbesh Mishra2
Backdrop
 
1.
A tax that is levied on income of individuals /corporations / legal entities is known asIncome Tax.
2.
The Central Board for Direct Taxes (CBDT)governs the Indian Income Tax department.
3.
Income tax is imposed by Govt. of India ontaxable income of individuals, HinduUndivided Families (HUFs), companies, firms,co-operative societies and trusts (Identifiedas body of Individuals and Association of Persons) and any other artificial person.
4.
Levy of tax is different for different entitiesand it is governed by the Indian IncomeTax Act, 1961.
 
Dr Sarbesh Mishra3
Tax Rates 2009
 –
10
(A.Y 2010
 –
11)
 
The new tax slabs applicable from April 1, 2009 areas follows:
On all incomes up to Rs. 1,60,000 per year. (Forwomen -Rs. 1,90,000 and for senior citizens - Rs.2,40,000), no Income Tax is applicable.
From 1,60,001 - 3,00,000 : 10% of amount morethan Rs. 1,60,000/- ( The lower limit differsappropriately for women as well as senior citizens)
From 3,00,001 to 5,00,000 : 20% of amount morethan Rs. 3,00,000 + 14,000 (slightly less forwomen and further less for senior citizens)
Above 5,00,000 : 30% of amount more than Rs.5,00,000 + 54,000 (for women
slightly less andfor senior citizens - further less)

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