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Tax rates in India
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Tax rates in India

How has personal taxation evolved in India?
If one were to look at the table on personal income tax rates in India, the trend is quite shocking. Imagine those who lived in the seventies paid up to 93% of their income in taxes! And to think of it, we complain that we pay high taxes. Anyway, with the continuous rationalization of tax rates, India is only moving closer to global standards when it comes to tax rates.

Year

Exemption limit (Rs)

Number of Rates

Entry  Rate (%)

Peak  Rate (%)

Peak rate income (Rs)

1949-50

1500

4

4.69

25

15000

1955-56

2000

5

4.93

26.25

15000

1960-61

3000

7

3.15

26.25

20000

1970-74

5000

11

11

93.5

200000

1974-75

6000

8

13.2

77

70000

1980-81

8000

8

15

66

100000

1985-86

18000

4

25

50

100000

1990-92

22000

4

20

56

100000

1995-96

40000

3

20

40

120000

1997-98

40000

3

10

30

150000

1998-99

50000

3

10

30

150000

1999-00

50000

3

10

33

150000

2000-01

50000

3

10

35.1

150000

2001-02

50000

3

10

30.6

150000

2002-03

50000

3

10

31.5

150000

2003-04

50000

3

10

30

150000

2004-05

50000

3

10

30

150000

2005-06

100000

3

10

30

250000

2006-07

100000

3

10

30

250000

Source: Report of the Task Force July 2004, Ministry of Finance, Govt. of India

How has corporate taxation evolved in India?

Type of company/ Year

Domestic company (%)

Foreign company (%)

Surcharge (%)

1995-96 to 1996-97

40

50

-

1997-98 to 1998-99

35

48

-

1999-2000 to 2001-2002

35

48

10

2002-2003

35

48

13

2003-2004

35

48

2

2004-2005

35

40

5

2005-2006 to 2006-2007

35

40

2.5

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