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Income Tax Provisions for the Financial Year ending 31st March 2009 and Tax Benefits from Life Insurance.
- Income Tax Rates for FY 2008-09:
I) For any individual other than referred to in Item no II and III below.
Total Income Range |
Tax Rates |
Upto Rs.1,50,000/- |
Nil |
Rs.1,50,001-
Rs. 3,00,000 |
10% of the amount by which the total Income exceeds Rs.1,50,000 |
Rs.3,00,001-
Rs. 5,00,000 |
Rs.15,000 + 20%of amount by which the total Income exceeds Rs.3,00,000 |
Above Rs. 5,00,000 |
Rs.55,000 + 30% of amount by which the total Income exceeds Rs.5,00,000 |
(II) In case of resident women below 65 years of age.
Total Income Range |
Tax Rates |
Upto Rs.1,80,000/- |
Nil |
Rs.1,80,001- Rs. 3,00,000 |
10% of the amount by which the total Income exceeds Rs. Rs.1,80,000 |
Rs.3,00,001- Rs. 5,00,000 |
Rs.12,000 + 20% of amount by which the total Income exceeds Rs.3,00,000 |
Above Rs. 5,00,000 |
Rs.52,000 +30% of amount by which the total Income exceeds Rs.5,00,000 |
(III) In case of Senior citizens (above 65 years of age)
Total Income Range |
Tax Rates |
Upto Rs.2,25,000/- |
Nil |
Rs.2,25,001- Rs. 3,00,000 |
10% of the amount by which the total Income exceeds Rs. Rs.2,25,000 |
Rs.3,00,001- Rs. 5,00,000 |
Rs.7,500 +20% of amount by which the total Income exceeds Rs.3,00,000 |
Above Rs. 5,00,000 |
Rs.47,500 +30% of amount by which the total Income exceeds Rs.5,00,000 |
Surcharge on Income-tax : Will be levied at the rate of 10% where the taxable income exceeds Rs. 10 Lakh.
Tax Benefits available for various Life Insurance plans.
The aggregate amount of deduction under all the relevant sections viz. section 80C, section 80CCC and section 80CCD shall not, exceed Rs.1 Lakh..
Deduction from Income for payment of Premium (Sec. 80C).
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