Friday, July 15, 2011

All Abt Income Tax

The Income Tax slabs for the Current Year are

In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000

(b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000

(c) In the case of a resident individual of the age of 80 years or above, the basic exemption limit is INR 5,00,000

(d) Education cess is applicable @ 3 percent on income-tax

Tax Slab For Individuals, Hindu Undivided Families are as follows:-
Total Income Tax Rates
Up to INR 160,000 (a)(b) NIL
INR 160,001 to INR 500,000 10%
INR 500,001 to INR 800,000 20%
INR 800,001 and above(c) 30%


It ia always better to maintain a Income tax file as its required whenever you apply for any loan or buy a new house and many other places

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