Thursday, February 08, 2007

Income Tax - Is the calculation so Taxing?

"The hardest thing in the world to understand is income tax" -Albert Einstein

If this is the case with a mortal having highest levels of IQ then imagine the plight of intelligent IT professionals like me :-). Well, being a M.B.A student of LIBA I had the opportunity to learn the art of tax calculation. As the saying goes;

"No education is complete if it is not applied for the upliftment of self and the society"

So, I just wanted to share with my readers the slab rates for Salaried professionals like me in India;

For the assessment year 2006-07, rates of Income‑tax in the case of individual assessees are divided into the following three categories:

a) resident individuals, who is of the age of 65 years or more (senior citizens) at any time during the previous year;

up to Rs. 1,85,000/‑Nil
above Rs. 1,85,000/‑ up to Rs.2, 50,000/‑20%
above Rs. 2,50,000/‑30%

b)resident individuals, being a woman, aged below 65 years;

upto Rs.1,35,000/-Nil
above Rs. 1,35,000/- up to 1,50,000/-10%
above Rs.1,50,000/- to 2,50,000/-20%
above Rs.2,50,000/-30%

c)other individuals (this is were I fit in)

upto Rs.1,00,000/-Nil
above Rs. 1,00,000/- up to 1,50,000/-10%
above Rs.1,50,000/- to 2,50,000/-20%
above Rs.2,50,000/-30%

Please note that the tax rates are applicable on the Income remaining after Deductions.

Hope this article was helpful. Until next time.....


1 comment:

Seo Link Master said...

You need us if you have any of these tax problems: Back
, Unfiled Returns, Missing Records, Threat of Levy, or, if you need an Installment Agreement or an Offer in Compromise A tax levy or garnishment or attachment are all the same thing. The terms may be used interchangeably. A wage garnishment or levy may be against any asset. In the enforcement of tax collections. We prepare all Federal and State Unfiled tax Returns The Fair Tax Act (HR
25/S 1025) is a bill in the United States Congress for changing Tax Solutions laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax), Past due tax returns, Past due tax returns, Past due returns, Past due taxes, Unpaid tax, Tax negotiation, Wage levy, Robert M. Adams, Bob Adams