Information about Taxation In India

Public finance
This article is part of the series: Finance and Taxation
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  •  • [ edit] • project India has following taxes in general

1. Environment Affecting Tax
2. Capital gains tax
3. Consumption tax
4. Corporation tax
5. Excises
6. Income tax (personal and corporate)
7. Inheritance tax
8. Poll tax
9. Property tax
10. Retirement tax
11. Sales tax
12. Tariffs
13. Toll
14. Transfer tax
15. Value Added Tax / Goods and Services Tax
16. Wealth (net worth) tax
17. Entertainment Tax
18. Food Tax
19. Fringe Benefit Tax

Income Tax - Income Tax Rates/ Slab 2007-08

Tax Rates for NRI

Personal tax rates

For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):

For the Assessment Year 2007-08 Taxable income slab (Rs.)

• Up to 1,10,000 - NIL
• Up to 1,45,000 (for women) - NIL
• Up to 1,95,000 (for resident individual of 65 years or above) NIL
• 1,10,000 – 1,50,000 - 10%
• 1,50,001 – 2,50,000 - 20%
• 2,50,001 – 1,000,000 - 30%
• 1,000,001 upwards 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.

income tax property tax sale tax exise tax vat cess.....education tax entertainment tax