Income Tax :
Therefore, the tax slabs for these assessees would be as follows –
For senior citizens (being resident individuals of the age of 60 years or more but less than 80 years)
| (i) where the total income does not exceed
Rs 3,00,000 |
Nil;
|
| (ii) where the total income exceeds Rs 3,00,000 but does not exceed Rs 5,00,000 | 10% of the amount by which the total income exceeds Rs 3,00,000;
|
| (iii) where the total income exceeds Rs 5,00,000 but does not exceed Rs 10,00,000 | Rs 20,000 plus 20% of the amount by which the total income exceeds Rs 5,00,000;
|
| (iv) where the total income exceeds Rs 10,00,000
. |
Rs 1,20,000 plus 30% of the amount by which
the total income exceeds Rs 10,00,000. |
For resident individuals of the age of 80 years or more at any time during the previous year
| (i) where the total income does not exceed
Rs 5,00,000 |
Nil;
|
| (ii) where the total income exceeds Rs 5,00,000 but does not exceed Rs 10,00,000 | 20% of the amount by which the total income exceeds Rs 5,00,000;
|
| (iii) where the total income exceeds Rs 10,00,000 | Rs 1,00,000 plus 30% of the amount by which
the total income exceeds Rs 10,00,000 |
(2) Firm/LLP
| On the whole of the total income | 30% |
(3) Local authority
| On the whole of the total income | 30% |
(4) Co-operative Society
| (i) Where the total income does not exceed
Rs 10,000 |
10% of the total income |
| (ii) Where the total income exceeds
Rs 10,000 but does not exceed Rs 20,000 |
Rs 1,000 plus 20% of the amount by which
the total income exceeds Rs 10,000 |
| (iii) Where the total income exceeds Rs 20,000 | Rs 3,000 plus 30% of the amount by which
the total income exceeds Rs 20,000 |
(5) Company
| (i) In the case of a domestic company | 30% of the total income |
| (ii) In the case of a company other than a domestic company | 40% on the total income
However, specified royalties and fees for rendering technical services (FTS) received from Government or an Indian concern in pursuance of an approved agreement made by the company with the Government or Indian concern between 1.4.1961 and 31.3.1976 (in case of royalties) and between 1.3.1964 and 31.3.1976 (in case of FTS) would be chargeable to tax @ 50%. |