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Calculate Your Income Tax
(Assessment Years 97-98 and 98-99)

Individuals :

The tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons and body of individuals. The rates applicable for the assessment for the assessment years 1997-98 and 1998-99 are as follows

Assessment Year 1997-98

 Net income range

Rates of income tax

Up to Rs.40,000

Nil

Rs.40,000 - Rs.60,000

15 per cent of the amount by which the total income exceeds Rs.40,000

Rs.60,000 - Rs.120,000

Rs.3,000 plus 30per cent of the amount by which the total income exceeds Rs.60,000 ;

Rs.120,000 and above

Rs.21,000 plus 40per cent of the amount by which the total income exceeds Rs.1,20,000.

Surcharge : Nil

Assessment Year 1997-98

 Net income range

Rates of income tax

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.150,000

Rs.2,000 plus 20 per cent of the amount by which the total income exceeds Rs.60,000 ;

Rs.150,000 and above

Rs.20,000 plus 30per cent of the amount by which the total income exceeds Rs.1,50,000.

Surcharge : Nil

Hindu Undivided Families :

Same as that of Individuals

Firms :

A firm assessed as such is taxable at the rate of 40 per cent for the assessment year 1997-98 and 35 per cent for the assessment year 1998-99.

Surcharge : Nil.

Companies :

The rates of tax for a company are as follows :

Rates of Income Tax ( per cent )

Assessment years

.

1997-98

1998-99

In the case of a domestic company

40

35

In the case of a foreign company

 . .

> 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

50

> other incomes

55

48

Surcharge for the assessment year 1997-98 : 7.5per cent of incometax if total income of a domestic company exceeds Rs.75,000 (no surcharge is payable in the case of a foreign company )

Surcharge for the assessment year 1988-99 : Nil

Co Operative Socities :

The following rates are applicable to a cooperative society for the assessment years 1997-98 and 1998-99.

 Net income range

Rates of income tax (per cent)

Up to Rs.10,000

10

Rs.10,000 - Rs.20,000

20

Rs.20,000 and above

35

Surcharge : Nil

Wealth Tax :

One per cent of the amount by which net wealth exceeds Rs. 15,00,000 (applicable in the case of every Individual, Hindu undivided family and Company ).

Gift Tax :

Gifttax is chargeable at the rate of 30 per cent [basic exemption is Rs. 30,000 for the assessment years 1997-98 and 1998-99 [sec. 5(2)].


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