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Tax Rates

  

 

RATES OF GIFT-TAX

For the assessment years 1988-89 to 1997-98 : Gift -tax is payable at the rate of 30%

Basic exemption :

  • For the assessment years 1988-89 to 1993-94: Rs. 20,000
  • For the assessment years 1994-95 to 1997-98: Rs. 30,000

* Certain incomes of non-resident Indians are taxable at the flat rate of 20 per cent

Union surcharge on income-tax

  1. For the assessment years 1988-89 and 1989-90 : 5 per cent of income-tax if total income exceeds Rs.50,000/- (no surcharge is payable in the case of a non-resident)
  2. For the assessment year 1990-91 : 8 per cent of income-tax if total income exceeds Rs.50,000/ (no surcharge is payable in the case of a non-resident)
  3. For the assessment years 1991-92 and 1992-93 : 12 per cent of income-tax if taxable income exceeds Rs.75,000/- (no surcharge is payable in the case of a non-resident)
  4. For the assessment years 1993-94 and 1994-95 : 12 per cent of income-tax if taxable income exceeds Rs.1,00,000/- (no surcharge is payable in the case of a non-resident)
  5. For the assessment years 1995-96 to 1997-98 : Nil
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