Income tax slab (in Rs.)
Tax
0 to 1,60,000 No tax
1,60,000 to 3,00,000 10%
3,00,000 to 5,00,000 20%
Above 5,00,000 30%
टैक्स
0 to 1,90,000 No tax
1,90,000 to 3,00,000 10%
3,00,000 to 5,00,000 20%
Above 5,00,000 30%
Surcharges on direct taxes (i.e.) any income above Rs 10, 00,000 attracts 10% as surcharge. It is removed from Direct Tax with effect from 2009 Budget.
OTHER IMPORTANT NOTABLES:
* Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80C of the Income Tax Act.This Benefit will be available from current year i.e investment made in f.y 2007-08 also eligible u/s 80c, and notification has already issued in this regard .
* Additional deduction of Rs. 15,000 allowed under Section 80D to an individual paying medical insurance premium of his/her parent or parents.whether parents depended on individual or not.applicable from AY 2009-10.
* Rate of Tax on short term capital gain under section 111A & Section 115AD increased to 15 percent.applicable from AY 2009-10
* Banking Cash Transaction Tax (BCTT) being withdrawn with effect from April 1, 2009.
* Section 80DD grants relief upto Rs 1,00,000.
