Government of India had increased the basic personal income tax exemption limit from Rs. 50,000 to Rs. 50,000 for Financial Year 2003-2004 and Assessment Year 2004-2005. The new income tax rates or income tax slabs were effective from April 01, 2003.
Personal Income Tax Rates in India for the Financial Year 2003-2004 and Assessment Year 2004-2005
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 50,000 to Rs. 50,000
The Government of India had increased the basic personal income tax exemption limit from Rs. 50,000 to Rs. 50,000 for the Financial Year 2003-2004 and Assessment Year 2004-2005.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 2003 to March 31, 2004.
Mr. Jaswant Singh, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Friday, February 28, 2003 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2003-2004 (Assessment Year 2004-2005).
Income Tax Slabs for Individuals for the Financial Year 2003-2004 and Assessment Year 2004-2005
1. Income Tax Slab: Rs. 0 to 50,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 50,001 to 60,000 – Income Tax Rate Payable: 10%
3. Income Tax Slab: Rs. 60,001 to 150,000 – Income Tax Rate Payable: 20%
4. Income Tax Slab: Rs. 150,001 and above – Income Tax Rate Payable: 30%
Applicable Surcharge and Cess:
Surcharge: A surcharge of 10% on income tax amount is payable if total income is exceeding Rs. 8,50,000.
Education Cess: A 2% education cess is payable on the total of Income Tax amount and Surcharge.
Union Budget of India 2003-2004 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 2003-2004
