Tax Rates
for Individuals:
Upto 50,000 
 
NIL 
50000 to
60,000 
 
10% of
the amt exceeding 50000 
60,000
to 1,50,000 
 
Rs.1000
+ 20% of the amt exceeding 60000 
1,50,000
& above 
 
Rs.19000+
30% of the amt exceeding 150000 

Standard Deduction:
a) Rs.30,000 or 33 1/3% of Salary whichever is less for Gross Salary
Rs.1,50,000 or below.
b) Rs. 25,000 for Gross Salary above Rs.1,50,000 but not exceeding
Rs.3,00,000 .
c) Rs.20,000 for Gross Salary above Rs.3,00,000 but not exceeding
Rs.5,00,000.
d) No Standard Deduction for Gross Salary exceeding Rs.5,00,000. 
Surcharge
on incometax:
The surcharge on Incometax is calculated at the rate of 2% for
the gross income exceeding Rs.60,000. The Surcharge is calculated
on the net tax. (Tax as reduced by Rebate u/s.88, 88B and 88C.). 
Deduction
u/s.24(1) (i)
For let out property, deduction of 30% of the Net Annual Value is
allowed for Repairs and Collection Charges. 
Deduction
u/s.24(1)(vi)
For self occupied property, deduction on account of interest on borrowed
capital for individuals is Rs.30,000 or actual interest whichever
is less is allowed at source by the DDO on receipt of an application
from the assessee in Form No.12C alongwith the Interest Certificate.
Where the property is acquired or constructed with capital borrowed
on or after 1/4/99 and such acquisition or construction is completed
before 1/4/2003, a deduction of Rs.1,50,000/ or actual interest paid
whichever is less is allowed. 
Deduction
u/s.80L:
Applicable to individual and HUF A deduction of upto Rs.9,000 is available.
An additional deduction of Rs.3,000 is available if income includes
Interest on Government Securities. 
Rebate
u/s.88:
A Rebate of 30% of the amount invested subject to a maximum of Rs.60,000/
is available from the tax payable if the gross income is below Rs1,00,000/.
A Rebate of 30% on an additional amount of Rs.20,000/ is available
when such sum is invested in specified investments.
A Rebate of 20% of the amount invested subject to a maximum of Rs.60,000/
is available from the tax payable if the gross income exceeds Rs1,00,000/.
A Rebate of 20% on an additional amount of Rs.20,000/ is available
when such sum is invested in specified investments. 
Section
194A
INTEREST OTHER THAN INTEREST ON SECURITIES.
TDS has to be made on "Interest other than Interest on Securities"
if the interest amount accrued exceeds Rs.5,000/ per annum. 
AS
APPROVED BY PARLIAMENT ON 25/04/2001 
