INCOME TAX

Individuals, HUF, Association of Persons & Body of Individuals

The tax rates applicable to indivuduals are also applicable to Hindu Undivided Family, an Association of Persons and Body of Individuals. Though certain specified incomes like long term capital gains, winnings from lottery etc. are taxable at the rate specified in the Income tax Act itself, the general tax rates applicable for the assessment year 1998-99 and 1999-2000 are as follows :

Net income range	Rates of income-tax
Assessment year 1998-99
Up to Rs. 40,000	Nil :
Rs. 40,000-Rs.60,000	10 per cent of the amount by which the total income exceeds Rs. 40,000;
Rs.60,000-Rs. 1,50,000	Rs. 2,000 plus 20 per cent of the amount by which the total income exceeds Rs. 60,000;
Rs. 1,50,000 and above	Rs. 20,000 plus 30 per cent of the amount by which the total income exceds Rs. 1,50,000.
Assessment year 1999-2000
Up to Rs. 50,000	Nil:
Rs. 50,000-Rs. 60,000	10 per cent of the amount by which the total income exceeds Rs. 50,000;
Rs. 60,000- Rs.1,50,000	Rs. 1,000 plus 20 per cent of the amount by which the total income excees Rs. 60,000;
Rs. 1,50,000 and above	Rs. 19,000 plus 30 per cent of the amount by which the total income exceeds Rs. 1,50,000.

Firms

Though certain specified incomes like long term capital gains, winnings from lottery etc. are taxable at the rate specified in the Income tax Act itself, a firm assessed as such is taxable at the rate of 35 per cent for the assessment years 1998-99 and 1999-2000

Companies

Though certain specified incomes like long term capital gains, winnings from lottery etc. are taxable at the rate specified in the Income tax Act itself, the general tax rates applicable for the assessment year 1998-99 and 1999-2000 are as follows :

Company	Rates of income-tax (per cent)
In the case of a domestic company	35
In the case of a foreign company
1. Royalty received from Government or an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31,1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government.	50
2.Other incomes	48

Co-operative societies

Though certain specified incomes like long term capital gains, winnings from lottery etc. are taxable at the rate specified in the Income tax Act itself, the general tax rates applicable for the assessment year 1998-99 and 1999-2000 are as follows :

Net income range	Rates of income-tax (per cent)
Up to Rs. 10,000	10
Rs. 10,00-Rs. 20,000	20
Rs. 20,000 and above	35