Tax rates for the last ten assessment years

• INDIVIDUALS, NON-SPECIFIED HUFs, ASSOCIATION OF PERSONS etc
• RATES FOR SPECIFIED HUF's
• FIRMS
• COMPANIES
• COOPERATIVE SOCIETIES

Tax rates for the last ten assessment years

Income-tax rates for Individuals, Non-specified HUFs, Unregistered Firms, Association of Persons & Body of Individuals

(in percentage)

 

Taxable income	Assessment years
	88-89 and 89-90	90-91	91-92 and 92-93	93-94	94-95	95-96	96-97	97-98
On the first Rs. 18000	Nil	Nil	Nil	Nil	Nil	Nil	Nil	Nil
On the next Rs. 4000	25	20	Nil	Nil	Nil	Nil	Nil	Nil
On the next Rs. 3000	25	20	20	Nil	Nil	Nil	Nil	Nil
On the next Rs. 3000	30	30	20	Nil	Nil	Nil	Nil	Nil
On the next Rs. 2000	30	30	20	20	Nil	Nil	Nil	Nil
On the next Rs. 5000	30	30	30	20	20	Nil	Nil	Nil
On the next Rs. 5000	30	30	30	20	20	Nil	Nil	Nil
On the next Rs. 10,000	30	30	30	20	20	20	20	15
On the next Rs. 10,000	40	40	40	30	30	20	20	15
On the next Rs. 40,000	40	40	40	30	30	30	30	30
On the next Rs. 20,000	50	50	50	40	40	30	30	30
Over Rs. 1,20,000	50	50	50	40	40	40	40	40

* 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

(in percentage)

 

Taxable income	Assessment year
	1988-89 to 1992-93	1993-94 to 1996-97	1997-98
On the first Rs. 12,000	Nil	Nil	Nil
On the next Rs. 6,000	25	Nil	Nil
On the next Rs. 2,000	25	30	Nil
On the next Rs. 20,000	30	30	Nil
On the next Rs. 20,000	40	30	15
On the next Rs. 40,000	50	30	30
On the next Rs. 20,000	55	40	30
Over Rs. 1,20,000	55	40	40

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 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

Income-tax rates for registered firms

The tax rates in case of Registered Firms for the A.Y. 1988-89 to 1992-93 are provided in the table given hereunder.From A.Y. 1993-94 to A.Y. 1997-98 firms were assessed as such at the flat rate of 40% without any exemption limit. A sur-charge of 12% was applicable for A.Y. 1993-94 and 1994-95. From A.Y. 1998-99 the tax rate for firms is 35% and there is no sur-charge.

 

Assessment years 1988-89 to 1990-91 (in percentage)			Assessment years 1991-92 to 1992-93 (in percentage)
Taxable income	Professional firms	Business firms	Taxable income	Professional firms	Business firms
On the first Rs 10,000	Nil	Nil	On the first Rs 15,000	Nil	Nil
On the next Rs 15,000	4	5	On the next Rs 35,000	5	6
On the next Rs 25,000	7	7	On the next Rs 50,000	10	12
On the next Rs 50,000	13	15	Balance exceeding Rs.1,00,000	15	18
Balance exceeding Rs. 1,00,000	22	24

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/-.
2. For the assessment year 1990-91 : 8 per cent of income-tax if total income exceeds Rs.50,000/-.
3. For the assessment years 1992-93 : 12 per cent of income-tax if taxable income exceeds Rs.75,000/-.

Income tax rates for Companies

rates of income tax

 

Categories of Companies	Assessment year
	1988-89 to 1990-91	1991-92	1992-93 to 1994-95	1995-96 to 1997-98
In the case of domestic company in which the public are substantially interested	50	40	45	40
In the case of a domestic company in which the public are not substantially interested
1.industrial company	55	45	50	40
2.trading and investment company	60	50	50	40
3.any other company	55	45	50	40
In the case of a foreign company :
1. royalties received from an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961; or fees for rendering technical services received from an Indian concern in pursuance of an agreement made by it with the Indian concern after February 29, 1964, but before April 1, 1976 and where such agreement has, in either case been approved by the Central Government	50	50	50	50
2.other income (excluding those specified in section 115A)	65	65	65	55

Union Surcharge on income tax:

1. For the assessment years 1988-89 and 1989-90 : 5% of income tax of a domestic company, if total income exceeds Rs.50,000
2. For the assessment year 1990-91 : 8% of income-tax of a domestic company, if total income exceeds Rs75,000
3. For the assessment years 1991-92 to 1996-97 : 15% of income-tax of a domestic company, if total income exceeds Rs75,000
4. For the assessment year 1997-98 : 7.5% of income-tax of a domestic company, if total income exceeds Rs75,000
5. No surcharge is payable in the case of a foreign company.

Income tax rates for Co-operative Societies

Taxable income	Assessment years 1988-89 to 1990-91 (per cent)	Assessment years 1991-92 to 1997-98 (per cent)
First 10,000	15	10
Next 10,000	25	20
Balance	40	35

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