i want to know the new income tax limit and standards deduction and other deduction etc?

Question

tax limit and tax slab and about deduction rates

Answer 1

Income tax Exemption limits in India:

Rs 1,00,000 for males below 65 years
Rs 1,35,000 for women below 65 years(must be citizen of India)
Rs 1,85,000 for men and women 65 years and above (Must be citizen of India)

Tax Slabs:

For income between 1-1.5 lakh 10%
For income between 1.5-2.5 lakh 20%
For income above 2.5 lakh 30%

If income is above rs 10 lakh there is surcharge of 10% on the total tax(marginal relief is available)

There is also education cess of 2% on total tax + surcharge.

Standard Deduction- Zero

Other deductions:

Several given in Chapter VIA of the Income-tax Act. Main is section 80C - insurance premiums, GPF/PPF etc, tuition fees repayment of principal on home loan, units of mutual fund etc. Others are section 80D(medical insurance premia) 80DD(expenditure on medical treatment of disabled) 80DDB etc. Overall deduction cannot exceed Rs 1 lakh in a year.

Answer 2

Here is a non-facetious answer:

Go to www.irs.gov. Click of Forms and Publications. The publication that has all of the information you need (and, believe me, prbably more than you want) is PUBLCIATION 17.

This Pub contains all of the information regarding Federal Income Tax information for the given year (it is an annual document, and it is free)

Hope this helps

Rich J

Answer 3

Somewhere between nothing and not enough. That should be close enough ;)

Actually all of this stuff is up on the government Web sites. Just Yahoo! it. It is too depressing for me to do it :(

Answer 4

http://cagle.com/news/Taxes2005/main.asp

http://finance.yahoo.com/taxes/tips