Income tax slab for financial year 2007-2008 assessment year 20008-2009

Taxable income slab (Rs.) Rate (%)
1,10,000 ( for Individual)NIL
1,45,000 (for women)NIL
1,85,000 (for senior citizens) NIL

Individuals-other than senior citizens and ladies

Up to 110000- No Tax
110001 to 150000-10%
150001to250000-20%
250001and above-30%

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Ladies other than Senior Citizens
Up to 145000-No Tax
145001 to 150000-10%
150001to250000-20%
250001and above-30%

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Senior Citizens
Up to 195000-No tax
195001to250000-20%
250001and above-30%
Investment u/s 80C eligible for deduction from income-Rs.100000
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For any other individual, every HUF/AOP/BOI/Artificial juridical person

upto 110000 nil
110000 to 150000 10%of (TI – 110000)+3% ec
150001 to 250000 4000+20% of (TI-150000)+3% ec
250001 to 1000000 24000+30% of(TI- 250000)+3%ec
above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec

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For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
Upto 145000 nil
145000 to 150000 10% of (TI-145000) + 3% education cess
150000 to 250000 500+20% of (TI-150000) +3% education cess
250000 to 1000000 20500+30% of (TI- 250000) +3% education
cess
above 1000000 245500+30%of (TI-1000000) +10% of income tax Surcharge + 3% of income tax and surcharge

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For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 195000 nil
195001 to 250000 20% of (TI-195000)+3% edu cess
250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
above 1000000 236000+30% of (TI- 1000000)+10% sc
+3% edu cess

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* ec Education Cess
* sc Surcharge
* TI Toal Income
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge

For further details of tax slabs see the Income tax website.
www.incometaxindia.gov.in