Could any one tell me about income tax standard of india?

Answer 1

Hi

What do you want to know about Income Tax in India.

For beginners it is a progressive taxation system meaning that the tax increases as the income of the person increases.

There is some basic exemption given up to Rs. 100000 thereafter the tax slabs starts.

Difference is also shown between the person who is being taxed and the taxes may vary depending upon the person being taxed.

Thanks & Regards

Nitin Jain

Answer 2

Probably the question is about income tax standard deductions of India.

The standard deductions allowed from salary (u/s 16(i))has been withdrawn by Finance Act 2005 w.e.f. 01-04-2006.