Rates of Income Tax (F.Y. 2003-2004)
Income Tax
- Up to 50,000 NIL
- 50,000 – 60,000 10%
- 60,000 – 150,000 20%
of amount exceeding 60,000 + 1,000
- 1, 50,000 and above 30%
of amount exceeding
1, 50,000
+19,000
Surcharge @ 10% of tax, only if the taxable income exceeds Rs.8, 50,000.
B) Firms / Companies (Domestic)
Tax @ 35% of taxable income.
2.5% of tax payable.
C) Capital Gains
(i)
Long Term Capital Gains @ 20%
(ii)
Short Term Capital Gains is taxable at normal tax rates
(iii)
Long Term Capital Gains in respect of Shares, Securities,
and units are taxable @ 20% with indexation
benefits and @10% without giving benefits of indexation.
(i) House Property Income
u/s 24 (a)
-
30% of Net Annual Value
-
Net Annual Value means gross Annual Value u/s 23(1), minus
municipal Tax, Minus Vacancy allowance / Unrealized Rent.
(ii) Salaries U/s 16(ii)
Salaries Amount
of Deduction
-1.50 Lakh or less 40%
of Gross Salaries or 30,000, which even, is less
- More than 1.50 Lakh but 30,000
Up to 5 Lakh
- More than 5 Lakh 20,000
E) Rebates
(i) Under section 88
(a) Gross Qualifying Amount
Aggregate of followings
(i)
LIC (up to 20% of sum Assured)
(ii)
Non-Commutable deferred annuity.
(iii)
Employee’s contribution to P.F.
(iv)
P.P.F.
(v)
Approved superamuation Fund
(vi)
Post office 10 year or 15 year deposit under Post office
saving Bank (CTD) Rules, 1959
(vii)
N.S.S. 1992
(viii)
N.S.C.
(ix)
U.L.I.P. of UTI / LIC
(x)
Mutual Funds / UTI up to 10,000 (equity linked saving scheme)
Housing Loan up to 20,000
(xi)
Contribution to notified Pension Fund.
(xii)
Amount Paid as Tuition Fees up to 12,000 per child for
maximum of 2 children.
(xiii)
Principal Repayment of
(b) Net Qualifying Amount
Rs. 1,00,000. Rs. 70,000 to be
invested in the (a) above and balance Rs 30,000 to be invested in
Infrastructure bonds i.e. in the Ratio of 70: 30.
(c ) Amount of Rebate
(i)
30% of net Qualifying Amount if out of total Income not less
than 90% Income is from Salaries and the total income does not exceed Rs
1,00,000.00.
(ii)
20% if the Income is up to 1, 50,000, if case falls other
than (i) above.
(iii)
15% of Net Qualifying Amount if the Income exceeds 1, 50,000
but up to 5, 00,000.
(iv)
No Rebate of Gross total Income exceeds 5.00 Lakh
(2) Under
Section 88C (Woman)
Up to Rs. 5,000 and the age should
be below 65 years
(3) Under Section 88B (Senior
Citizen)
Up to Rs. 20,000 the person should
be 65 year and more during any time of previous year.