1. Income-tax, in India, is a tax payable, annually, at the rate enacted by the Indian Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
2. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle [...]

Income Tax Slab Rates 2010-11

Highlights of Budget 2009
* Growth rate in 2008-09 dipped to 6.7 per cent from average 9 per cent growth in previous three fiscal years.
* Mukherjee intends to make pre-budget consultations with state finance ministers an annual affair
* Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP
* We need institutional reforms [...]

Finance minister Pranab Mukherjee on Monday raised tax slabs in his Union Budget 2009-2010
He proposed to increase the income tax exemption limit for senior citizens by Rs 15,000, for women and others by Rs10,000 each, while keeping the corporate tax rate unchanged.
The exemption limit will now be Rs 240,000 for senior citizens, Rs190,000 for [...]

Most of us lack behind in the Tax planning. We always do it at the end of Feb or Mar, because of which we end up into wrong decisions. Here we will help you to identify Tax saving investments as per your requirement. In India we can save Tax under sec 80cc up to [...]

“Saving Tax” on your income is always a spot of interest for each one of us and why not when there is a legal way?
Saving Tax is easier under Indian Income Tax Act if one opts for the home loan. There are two sections of Indian Income Tax which allow you to avail this [...]

The Union Budget 2008-09 is expected to be presented on February 29, this being a leap year.
The three-month long Budget session is likely to begin on February 25, government sources said.
Finance Minister P Chidambaram has already started pre-budget consultations with various experts.
Government is likely to raise the tax exemption limit from Rs 1.1 lakh [...]

Income tax slab for financial year 2007-2008 assessment year 20008-2009
Taxable income slab (Rs.) Rate (%)
1,10,000 ( for Individual)NIL1,45,000 (for women)NIL1,85,000 (for senior citizens) NIL
Individuals-other than senior citizens and ladies

Up to 110000- No Tax
110001 to 150000-10%
150001to250000-20%
250001and above-30%
—————————————————————————————
Ladies other than Senior Citizens
Up to 145000-No Tax
145001 to 150000-10%
150001to250000-20%
250001and above-30%
—————————————————————————————-
Senior Citizens
Up to 195000-No tax
195001to250000-20%
250001and above-30%
Investment u/s 80C eligible [...]