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Every
person
(a) being a company or a firm; or
(b) being a person other than a company or a firm, if his
total income or the total income of any other person in respect of which he
is assessable under the Income Tax Act during the previous year exceeded the
maximum amount which is not chargeable to income-tax,
shall furnish a return of income on or before the due
date.
DUE DATE means,
(a) If the assessee is
(i) a company; or
(ii) a person (other than a company) whose accounts are
required to be audited under the Income Tax Act or under any other law for
the time being in force; or
(iii) a working partner of a firm whose accounts are required
to be audited under the Income Tax Act or under any other law for the time
being in force,the 30th day of September of the assessment year;
(b) In the
case of any other assessee, the 31st day of July of the assessment
year.
Maximum amount which is not chargeable
to income-tax
Tax
Liabilty
Resident woman and below the age of Sixty-five at
Any time during the previous year
For total income upto
Rs.1,80,000/- NIL
Resident individual, who is of the age of sixty-five
Years or more at any time during the previous year
For total income upto
Rs.2,25,000/-
NIL
All other individuals
For total income upto
Rs.1,50,000/-
NIL
Income Tax Rates/ Slabs
PERSONAL TAX RATES
For individuals, HUF,
Association of Persons (AOP) and Body of individuals
(BOI):
|
For the Assessment Year 2009-10 |
|
Taxable income slab (Rs.) |
Rate (%) |
Up to 1,50,000
Up to 1,80,000 (for women)
Up to 2,25,000 (for resident individual of
65 years or above) |
NIL |
|
1,50,001 –
3,00,000 |
10 |
|
3,00,001 –
5,00,000 |
20 |
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5,00,001 upwards
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30* |
*A
surcharge of 10 per cent of the total tax liability
is applicable where the total income exceeds Rs
1,000,000.
Note : -
- Education cess is
applicable @ 3 per cent on income tax, inclusive
of surcharge if there is any.
- A marginal relief
may be provided to ensure that the additional IT
payable, including surcharge, on excess of
income over Rs 1,000,000 is limited to an amount
by which the income is more than this mentioned
amount.
- Agricultural
income is exempt from income-tax.
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