ASSESSMENT YEAR 2003-2004
RELEVANT TO FINANCIAL YEAR 2002-2003
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 income-tax:
The surcharge on Income-tax is calculated at the rate of 5% 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, 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.12,000 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 20% of the amount invested subject to a maximum of Rs.70,000/- is available from the tax payable if the gross income is upto Rs1,50,000/-.

A Rebate of 20% on an additional amount of Rs.30,000/- is available when such sum is invested in specified investments.

A Rebate of 15% of the amount invested subject to a maximum of Rs.70,000/- is available from the tax payable if the gross income is between Rs1,50,001/- to Rs5,00,000/-.

No rebate is available from the tax payable if the gross income is above Rs5,00,000/-.

Also a rebate of 15% on an additional amount of Rs. 30,000/- is available when such sum is invested in infrastructure bonds.

Further, an individual shall be entitled for a rebate of 30%, if his/her income chargeable under the head Salaries does not exceed Rs.1,00,000/- before allowing deudctions u/s. 16 and such salary income is not less than 90% of his gross total income.

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.