Income Tax Rate for Last 15 years – for Individual, HUF, AOP and BOI

Income tax rate is a percentage specified in the finance bill as a rate to be charged on the taxable income of financial year to which the finance bill is relevant.

For different assessee different rates are been specified and accordingly they are charged to income tax.

Following lists are specified for individual (like salaried person, self employed person or any other individual), Hindu Undivided Family, Association of Persons and Body of Individual.

Income Tax Rate for Assessment Year 1998-1999

Income (in INR)	Income Tax Rate For Assessment Year 1998-1999
On the first 40, 000	Nil
On the next 20, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Income Tax Rate for Assessment Year 1999-2000

Income (in INR)	Income Tax Rate For Assessment Year 1999-2000
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Income Tax Rate for Assessment Year 2000-2001

Income (in INR)	Income Tax Rate For Assessment Year 2000-2001
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2000-2001 in the case of a resident assessee was 10% of tax if the assessee’s income exceeds Rs. 60, 000. No surcharge was payable for Non resident.

Income Tax Rate for Assessment Year 2001-2002

Income (in INR)	Income Tax Rate For Assessment Year 2001-2002
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2001-2002 in the case of a resident and non resident assessee was 12% of tax if the taxpayer’s income exceeds Rs. 60, 000. For Income exceeding Rs. 1, 50,000, 17% will be the charged as surcharge on tax.

Income Tax Rate for Assessment Year 2002-2003

Income (in INR)	Income Tax Rate For Assessment Year 2002-2003
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2002-2003 in the case of a resident and non resident assessee was 2% of tax if the taxpayer’s income exceeds Rs. 60, 000.

Income Tax Rate for Assessment Year 2003-2004

Income (in INR)	Income Tax Rate For Assessment Year 2003-2004
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2003-2004 in the case of a resident and non resident assessee was 5% of tax if the taxpayer’s income exceeds Rs. 60, 000.

Income Tax Rate for Assessment Year 2004-2005

Income (in INR)	Income Tax Rate For Assessment Year 2004-2005
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2004-2005 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 8, 50,000.

Income Tax Rate for Assessment Year 2005-2006

Income (in INR)	Income Tax Rate For Assessment Year 2005-2006
On the first 50, 000	Nil
On the next 10, 000	10%
On the next 90, 000	20%
Over 1, 50,000	30%

Surcharge for the assessment year 2005-2006 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 8, 50,000.

Additional education cess of 2% has to be charged on tax and surcharge

Income Tax Rate for Assessment Year 2006-2007 and 2007-2008

Income (in INR)	IT Rate For Assessment Year 2006-2007 and 2007-2008
Income (in INR)	Resident Women	Resident Senior Citizen	Any Other
First 1, 00,000	Nil	Nil	Nil
Next 35, 000	Nil	Nil	10%
Next 15, 000	10%	Nil	10%
Next 35, 000	20%	Nil	20%
Next 65, 000	20%	20%	20%
Over 2, 50,000	30%	30%	30%

Surcharge for the assessment year 2006-2007 and 2007-2008 in the case of a resident and non resident assessee was 10% of tax if the taxpayer’s income exceeds Rs. 10, 00,000.

Additional education cess of 2% has to be charged on tax and surcharge