MooN
|
For AY 2008-09
For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
Upto 145000 nil
1,45,001 to 1,50,000 10% of (TI-1,45,000) + 3% ec
1,50,001 to 2'50'000 500+20% of (TI-150000) +3% ec
2'50'000 to 10'00'000 20500+30% of (TI- 250000) +3% ec
above 10'00'000 245500+30%of (TI-1000000) +10%Surcharge + 3% of income tax and surcharge
For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 1'95'000 nil
1'95'001 to 2'50'000 20% of (TI-195000)+3% ec
2'50'001 to 10'00'000 11000+30% of (TI- 250000)+3% ec
above 10'00'000 236000+30% of (TI- 1000000)+10% sc
+3% edu cess
For any other individual, every HUF/AOP/BOI/Artificial juridical person
upto 1'10'000 nil
1'10'000 to 1'50'000 10%of (TI - 110000)+3% ec
1'50'001 to 2'50'000 4000+20% of (TI-150000)+3% ec
2'50'001 to 10'00'000 24000+30% of(TI- 250000)+3%ec
above 10'00'000 249000+30% of (TI-10'00'000)+10% sc+3%ec
* ec Education Cess
* sc Surcharge
* TI Toal Income |
|
sharma p
|
Tax to be computed at normal rate on the basis of following table.
Basic Exemption Rs.1,10,000/-
From 1,10,000/- to 1,50,000 @ 10%
1,50,000/- to 2,50,000 @ 20%
2,50,000/- onward @ 30%
Surcharge to be levied @ 10% in case taxable income exceeds Rs.10,00,000/-. Education Cess to be added @ 3%.
However Basic Exemption for Woman Tax Payers shall be Rs.1,45,000/- and for Senior Citizen Rs.1,95,000/-
2. Education Cess @ 3% is applicable with effect from 1.4.2007. |
|
Alex
 |
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) - Nil
1,10,000 – 1,50,000 - 10%
1,50,001 – 2,50,000 - 20%
2,50,001 – 1,000,000 - 30%
1,000,001 upwards - 30%+*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount. |
|
NirmalJain
|
Upto 110,000 - NIL
110,000 to 150,000 - 10% of total amount above 110,000
150,000 to 250,000 - 4000+20% of the amount above 150,000
Above 250,000 - 24000+30% of the amount above 250,000 |
|
Aey Cee
|
For Complete detaile on 2007-08 Income Tax implications, Please visit http://www.vakilno1.com/howto/itreturn/Finance-Act-Budget-Highlights-2007.htm |
|
Bharat S
 |
for a Male Individual & HUF;
1. Upto Rs.1,10,000/-Tax Nil
2.From Rs. 1,10,001/- to Rs.1,50,000/- Tax @ 10% for the amount above Rs.1,10,000/-
3. From Rs.1,50,001/- to Rs.2,50,000/- Tax Rs.5000/- plus 20% of the amount exceeding Rs.1,50,000/-.
4. Above Rs.2,50,000/- Tax Rs. 25,000/- plus 30% of the amount exceeding Rs.2,50,000/-
For a Female,
1. Upto Rs.1,45,000/- Tax Nil
2. Rs.1,45,000/- to Rs.1,50,000/- Tax @ 10%
3. Rs. 1,50,001/- to Rs.2,50,000/- Tax Rs.500/- plus @ 20% above Rs.1,50,000/-
4. Above Rs.2,50,000/- Tax Rs. 20,500/- plus @30%
For Sr. Citizens.
1. Upto Rs.1,95,000/- Tax Nil
2.Rs.1,95,001/- to Rs.2,50,000/- Tax @20% of the amount exceeding Rs. 1,95,000/-
3. Above Rs.2,50,000/- Tax Rs.11,000/- plus @30% of the amount exceeding Rs.2,50,000/-
Add education cess @3% of the Tax so calculated .
Add Surcharge @10% when the taxable income exceeds Rs.10,00,000/- . |
|
KARAN S
 |
Upto
110,000 - NIL
110,000 to 150,000 - 10% of total amount above 110,000
150,000 to 250,000 - 4000+20% of the amount above 150,000
Above
250,000 - 24000+30% of the amount above 250,00 |
|
deepak p
|
go to Income Tax India govt site |
|
Summi
|
PERSONAL TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2007-08
Taxable income slab (Rs.) Rate (%)
Up to 1,10,000
Up to 1,45,000 (for women)
Up to 1,95,000 (for resident individual of 65 years or above) NIL
1,10,000 – 1,50,000 10
1,50,001 – 2,50,000 20
2,50,001 – 1,000,000 30
1,000,001 upwards 30*
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount. |
|
sabu
|
1,00,ooo is the limit. dduct it from gross income. deduct hra and professional tax. from the balance reduce maximum 1,00,000 as your savings. but u have to show the evidence. then ur taxable income arrives. the slab rates are
where the total income does not exceed 1,00,000 ----nil
where the total income exceeds 1,00,000 but does not exceed 1,50,000 10% of the amount by which the total income exceeds rs,100,000 (3) where the total income exceeds 1,50,000 but does not exceed 2,50,000 rs.5,000/- plus 20% of the amount by which the total income exceeds rs.1.50,000.(4) where the total income exceeds rs.2.50,000 rs.25,000 plus 30% of the amount by which the total income exceeds 2,50,000. education cess at 2% on the taxable income. |
|
jimmybond
 |
plz browse the web site of Mr. Kanu Doshi, Dean, Finance, Welingkar Institute of Management, Mumbai. |
|
anjali
|
NO.IDEA IF U KNOW PLEASE TELL ME |
|
Brijesh
|
Up to 1 Lac free and in women case 1.35 Lac free and in the case of seiner citizen 1.85 Lac free
Up to 100001 to 1.5 Lac 10%
Up 150001 to 2.5 Lac 20%
and above 30%
In case of partership firm & companies rate of tax 30% applicable on net profit |
|
sonu
 |
income tax slab is
after salary of 1 lakh income tax is started |
|
KISHOR LAL
|
had you any money you would not have bothered to waste time over such petty things
and by the way.. you need not worry as tax is levied on income earned
you a seem to be inquirer , |
|
Prince
|
1,10,000/-..4..show..income...
+...save....1,00,000/-......
=2,10,000/-...total...eraning...
..in..a..year
&...after.....tax...
....as...privious |
|
bhavani g
|
without income tax we canot development the people desires so income tax is necessary for everyone it gives benefit to the entire country to build water projects and medicines to poor people and also rich persons in india and there is many programmes to development the country, country means people,save the aids persons and hiv and many programmes is there do not think tax is dagerous to our.there is also save income with interest in post office and many programme is there do not afraid from tax. so think what is benefits from to pay tax to you and your country. |
|
patel_uc83
|
the indian income tax slads for financial year 2007-08 are 52000 crore . |
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