The tax year in India begins on April 1st and ends on March 31st.
The tax in India on an individual's income is progressive. For the financial year 2008-2009, an individual's income is taxed progressively at 10% - 30%. A 10% surcharge is imposed on the tax, subject to legally specified limits and an education tax (CESS) of 3%.
In 2008-2009, there is a 30% tax for a local company and 40% tax for a foreign company with an additional surcharge (for income above INR 10 millions, 10% for domestic companies, 2.5% for foreign companies) as well as an education tax (CESS) of 3%.
The top effective tax rate in India is 33.99% for a local company and 42.23 % for a foreign company.
For more detailed information on taxes in India, click on the following links.
Update 28/11/2008
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Main characteristics
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