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Tax Saving Chart & Income Tax
Benefits
The rates of income tax applicable under the Finance Act, for the
financial year 2007-2008 and 2008-2009 in the case of an individual
are given below
Previous Rates of Income Tax:
| 1.
Where the total income does not exceed Rs. 1,00,000/- |
Nil |
| 2. Where
the total income exceeds Rs. 1,00,000/- but does not exceed
Rs. 1,50,000/-. |
10 per cent of the amount by
which the total income exceeds Rs. 1,00,000/-. |
3. Where
the total income exceeds
Rs. 1,50,000/- but does not
exceed Rs. 2,50,000/-. |
Rs. 5,000/- plus 20 per cent
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 per cent
of the amount by which the total income exceeds Rs. 2,50,000/-. |
In case of Senior Citizens:
Where
the total income does not
exceed Rs. 1,85,000/-.
|
Nil |
2.
Where the total income exceeds
Rs. 1,85,000/- but does not
exceed Rs. 2,50,000/-. |
20 per cent of the
amount by which the total income exceeds Rs. 1,85,000/-. |
Where
the total income exceeds
Rs. 2,50,000/-. |
Rs. 13,000/- plus
30 per cent of the amount by which the total income exceeds
Rs. 2,50,000/-. |
In case of women employees below 65 years of age:
1.Where
the total income does not
exceed Rs. 1,35,000/-.
|
Nil |
2. Where
the total income exceeds
Rs. 1,35,000/- but does not
exceed Rs. 1,50,000/-. |
10 per cent of the amount by
which the total income exceeds Rs. 1,35,000/-. |
3. Where
the total income exceeds
Rs. 1,50,000/- but does not
exceed Rs. 2,50,000/-. |
Rs. 15,00/- plus 20 per cent
of
the amount by which the total
income exceeds Rs. 1,50,000/-. |
4. Where
the total income exceeds
Rs. 2,50,000/- |
Rs. 21,500/- plus 30 per cent
of the amount by which the total income exceeds Rs. 2,50,000/-. |
Surcharge on Income Tax:
The amount of Income Tax so computed shall be increased
by a surcharge at the rate of 10% where the taxable income exceeds
Rs. 10 lakh
An additional surcharge called the Education Cess is levied
at the rate of 2% on the amount of tax payable inclusive of surcharge.
Qualifying Investment Eligible for Rebate:
Section 80C(1): In computing the total income of an assessee, being
an individual or a Hindu Undivided Family, in accordance with and
subject to the provisions of this Section, the whole of the amount
paid or deposited in the previous year out of his income chargeable
to tax being the aggregate of the sums specified in the Section as
does not exceed Rs. 1,00,000 shall be deducted from his income.
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