pls. explain current income tax slabs in USA,UK and India?

Answer 1

I do not know about USA and UK, but in India the slabs for the current financial year are: FY:2007-08 (AY:08-09)

For individuals resident woman {not being a senior citizen (who is of 65 years or more at anytime during the previous year)}
Net income range income tax rate
Upto 145000 nil
145000 to 150000 10% of (TI-145000) + 3% education cess
150000 to 250000 500+20% of (TI-150000) +3% education cess
250000 to 1000000 20500+30% of (TI- 250000) +3% education
cess
above 1000000 245500+30%of (TI-1000000) +10% of income tax Surcharge + 3% of income tax and surcharge


For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 195000 nil
195001 to 250000 20% of (TI-195000)+3% edu cess
250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
above 1000000 236000+30% of (TI- 1000000)+10% sc
+3% edu cess


For any other individual, every HUF/AOP/BOI/Artificial juridical person

upto 110000 nil
110000 to 150000 10%of (TI - 110000)+3% ec
150001 to 250000 4000+20% of (TI-150000)+3% ec
250001 to 1000000 24000+30% of(TI- 250000)+3%ec
above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec

* ec Education Cess
* sc Surcharge
* TI Toal Income

Following are the different items where you can invest to get a maximum deduction of 1 lac u/s 80 C

1.LIC insurance premium (including payment made by govt employees to the central govt employees' insurance scheme and payment made by a person under children 's defered endowment assurance policy){subject to a maximum of 20% of sum assured}

2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)

3.Payment in respect of non-commutableDeffered annuity plan

4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education

5.Salary deducted by employer (incase of Govt employee)

6.contribution to Statutory provident fund and RPF.

7.contribution towards 15yrs PPF

8.contribution towards approved superannuation fund.

9.Subscription to National Savings Certificate VIII issue.

10.contribution for participating in the ULIP of UTI

11.contribution for participating in the ULIP of LIC mutual fund

12.Payment for notified annuity plan of LIC or any other insurer.

13.Subscription towards notified units of Mutual Fund or UTI

14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)

15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.

16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.

17.Any amount towards the cost of purchase/construction of a residential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee's employer where such an employer is a public company/public sector company/university/co-operative Society)

18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of mutual fund proceeds of which are utilised for the developing, maintaining,etc of a new infrastructure facility

also you can logon to:
http://www.budgetonline.co.in/income-tax-slabs-for-2007-08/

Answer 2

In the USA, after all allowable deductions are subtracted from income, income tax is figured at a rate of 10%, 15%, 25%, 28%, 33% or 35%. In the USA those are called brackets rather than slabs as in India. The first $x of taxable income is taxed at 10%, then the next $y at 15%, etc until the total tax has been calculated, The amount of dollars taxed in each bracket depends on the person's filing status. A person may file as single, married filing jointly, married filing separately, or head of household - there are different tables for each filing status. You can see the tables at irs.gov - go to more forms and publications, then to form and instruction number, then scroll down to 2007 Inst 1040 Instructions and look for Tax Rate Schedules.

Answer 3

Tax Slabs Usa