| Budget India | Budget India 2011 | Union Budget 2011-2012 | Rail Budget 2011 | Income Tax Slabs | Income Tax India | ||
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 Rates/Slabs for Assesment Year 2012-13 (F Y 2011-12)
Read More...Income Tax Slab Rates 2010-11
Read More... 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 [...]
Read More... 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 [...]
Tax gives us the tension and makes responsible us for our state but Tax deduction gives us a way to save our tax and relief from tax anxiety.Tax deductions are simply expenses that you are allowed to use to reduce your gross income. From a big picture perspective, figuring out your taxes is actually [...]
Read More...