The following are the current direct tax rates which affect the NRIs: · The basic limit and the Income tax rates for assessment year 2003-2004 relevant to Financial Year 2002-2003 are as under -
Status
Income (Rs.)
Tax Rate(%)
For Individuals, HUFs, Trusts, AOPs, etc.
0 - 50,00050,000 - 60,00060,000 - 1,50,000
Above 1,50,000 Nil 10 20 #30 $
Partnership firms and domestic companies
Re. 1 onwards
35 #
Other than domestic company(Foreign Companies)
Re. 1 onwards
48
Royalty and technical fees are liable at a concessional rate of 30% and 20% respectively.
From Financial Year 2000-2001 NRI is laible to pay Surcharge
# Persons in this slab / Assessee would be required to pay twelve percent (12%)surcharge on the total income-tax payable after rebate under chapter VIII-A.
$ Persons in this slab would be required to pay Seventeen percent (17%) surcharge on the total income-tax payable after rebate under chapter VIII-A
