For claiming income tax rebates.
2007-03-01 02:30:01 · 6 answers · asked by LES G FEN 1 in Business & Finance ➔ Taxes ➔ India
Rs 195,000/-, in yesterday's budget.
2007-03-01 02:33:14 · answer #1 · answered by Expression 5 · 0⤊ 1⤋
Taxable income Upto Rs.185000 .. No tax
Rs.185000 to Rs.250000 .. 20% tax
Above Rs.250000 .. 30% tax
This is for the financial year 2006-2007.
For the coming year the first slab is increased to Rs.195000/-
rest are same.
2007-03-01 10:39:38 · answer #2 · answered by buntyblack 1 · 0⤊ 0⤋
Vinsy:
Medical insurance deduction has been increased in this budget to Rs 20000 for senior citizens and rs 15000 for others
2007-03-04 04:32:58 · answer #3 · answered by sonali_n 2 · 0⤊ 0⤋
Apart from increased slab rate,deduction u/s 80D, in relation to payment of medical insurance premium, upto maximum of Rs.15,000 can be claimed. Deduction is Rs.10,000 incase of any other individual.
2007-03-01 11:53:57 · answer #4 · answered by Vinsy 1 · 0⤊ 0⤋
for the FY 2007-08
Taxable income Upto Rs.195000 .. No tax
Rs.195000 to Rs.250000 .. 20% tax
Above Rs.250000 .. 30% tax
Ex : if ur income is rs 215000 than
up to 195000 nil
& 215000-195000=20000
on 20000 tax =20000*20%=4000
Ex : if ur income is rs 270000 than
up to 195000 nil
250000-195000=55000
on 55000 tax = 55000*20%=11000
270000-250000=20000
0n20000 tax = 20000*30%=6000
ur total tax for the income of rs 270000 is 11000+6000 = 17000
2007-03-01 22:45:47 · answer #5 · answered by @"..n"..i"..L 2 · 0⤊ 0⤋
according to the latest budget the tax from Senior citizens and levied less than the others !
2007-03-01 15:33:16 · answer #6 · answered by cabridog 4 · 0⤊ 0⤋