2006-11-21 18:50:54 · 5 answers · asked by Parveen Dhiman 1 in Business & Finance ➔ Taxes ➔ India
Please go through the web link. You will get full details.
http://www.incometaxbangalore.org/taxinfo/trates06_07.htm
2006-11-21 21:53:20 · answer #1 · answered by Anonymous · 1⤊ 0⤋
For the year 2006-07
Taxable income slab (Rs.) Rate (%)
1,00,000
1,35,000 (for women)
1,85,000 (for senior citizens) NIL
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge
Note : -
Surcharge of 10% for those whose taxable income is Rs 10 lakhs or more.
A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge.
Tax exemption on interest in Non-Resident (external) Account and on interest payable by a scheduled bank to Non-Resident Indians (NRI's).
Tax exemption on the interest payable by a scheduled bank to a non-resident or a person who is not ordinarily resident on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the RBI.
Standard deductions, as well as Section 88 and 80L has been abolished.
Section 88 i.e. Tax rebate to assessees in respect of insurance premium, PF contribution, PPF, NSC, etc. deleted. A new Section 80C introduced which allows a deduction from income of up to Rs 1,00,000 in respect of insurance premium, PF contributions and other schemes which were hitherto under Section 88.
In respect of educational loans taken for pursuing higher studies, the deduction shall be allowable only in respect of interest payment.
To encourage pursuit of higher education, the interest outflow would be eligible for deduction for a period of 8 years without any ceiling. Repayment of the principal amount would no longer be eligible for deduction.
Rebate of Rs 5,000 has been wiped off for women and rebate of Rs 20,000 from tax has been wiped off for senior citizens.
2006-11-22 06:09:46 · answer #2 · answered by maravind_80 2 · 0⤊ 0⤋
go to the post office
2006-11-22 02:52:26 · answer #3 · answered by happy g 2 · 0⤊ 0⤋
read my blog regularly http://www.q4tax.blogspot.com in FAQ format. There are lots of article which may help you.
2006-11-23 21:45:46 · answer #4 · answered by q4tax 3 · 0⤊ 0⤋
www.finanz4u.com/itact/itactpart1.pdf
2006-11-22 03:20:07 · answer #5 · answered by raghu 1 · 0⤊ 0⤋