Income Tax India Slabs
November 29th, 2006
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Question: do anyone know about tax slabs in india and saving techniques?
Please get back with answers. Needed very badly. Think im getting 4Lakh income.
Answer: No income tax is applicable on all income up to Rs. 100,000 per year. (Rs. 135,000 for women and Rs. 185,000 for senior citizens)
From 100,001 to 150,000 : 10% of amount greater than Rs. 100,000 (Lower limit Rs. 135,001 for women and n/a to senior citizens)
From 150,001 to 250,000 : 20% of amount greater than Rs. 151,000 + Rs. 5,000 (For women: Rs. 1500) (For senior citizens, the lower limit is Rs. 185,000)
Above 250,000 : 30% of amount greater than Rs. 250,000 + Rs. 25,000 (Rs. 21,500 for women and Rs. 13,000 for senior citizens)
A road to the future, albeit with potholes
The single biggest announcement was the much-needed planned reduction of the fiscal deficit to 5.5% of GDP in 2010-11.
No tax for income up to Rs 1.60 lakh/pa
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