| Topic : Income Tax Efiling |
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Corporate Tax Advisory
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Activity:
3 comments
1271 views
last activity : 07 06 2010 20:18:04 +0000
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Income Tax Act has categorized all Income Tax Payers (Individuals) into 3 different types:
- Ordinary Individuals
- Female Citizens
- Senior Citizens
1. Ordinary Individuals: as per the applicable tax laws, the Income tax rates for ordinary individuals are:
|
Annual Income |
Income Tax rates for FY 2008-09 |
|
Up to 150000 |
Nil |
|
150000 – 300000 |
10% |
|
300000 – 500000 |
20% |
|
500000 and above |
30% |
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs. 1,000,000.
- 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.
- Agricultural income is exempt from income-tax.
2. Female Citizens: as per the applicable income tax laws, the income tax rates for female citizens are:
|
Annual Income |
Income Tax rates for FY 2008-09 |
|
Up to 180000 |
Nil |
|
180000 – 300000 |
10% |
|
300000 – 500000 |
20% |
|
500000 and above |
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.
- Agricultural income is exempt from income-tax.
3. Senior Citizens: as per the applicable tax laws, the Income tax rates for Senior Citizens are:
|
Annual Income |
Income Tax rates for FY 2008-09 |
|
Up to 225000 |
Nil |
|
225000 – 300000 |
10% |
|
300000 – 500000 |
20% |
|
500000 and above |
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.
- Agricultural income is exempt from income-tax.
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fully agreed with Sudeep. |
Love is only Love, love and love. There is no true or false love. If its not true its not love ... its something else. |
Take shower before dinner,take light food with fruits and juices. Don't do any physical hard work before bed and read some good articles or short stories. |