Q. Do you know how to calculate Income Tax on your annul salary?
Well most of us will answer to this question YES, but still thought of writing again on this.
India Income Tax slab changes summary –
Changes to income tax slabs in this budget from previous budget are
- Income tax threshold in India has been raised to Rs. 1.5 lakhs from the existing 1.1 lakhs. This will give a relief of Rs. 4000.00 for each Indian tax payer.
- For women there is no tax for income below Rs 1.80 lakh
- Senior citizens need not pay tax for income below Rs 2.25 lakh.
- Tax rates are also changed for different tax slabs.
India Income tax slabs 2008-2009 for Men
|
Income tax slab (in Rs.) |
Tax |
|
0 to 1,50,000 |
No tax |
|
1,50,000 to 3,00,000 |
10% |
|
3,00,000 to 5,00,000 |
20% |
|
Above 5,00,000 |
30% |
India Income tax slabs 2008-2009 for women
|
Income tax slab(in Rs.) |
Tax |
|
0 to 1,80,000 |
No tax |
|
1,80,000 to 3,00,000 |
10% |
|
3,00,000 to 5,00,000 |
20% |
|
Above 5,00,000 |
30% |
India Income tax slabs 2008-2009 for Senior citizen
|
Income tax slab(in Rs.) |
Tax |
|
0 to 2,25,000 |
No tax |
|
2,25,000 to 3,00,000 |
10% |
|
3,00,000 to 5,00,000 |
20% |
|
Above 5,00,000 |
30% |
A quick income tax calculator for the latest income tax slabs
Use the above income tax slab tables along with this free Quick Income tax calculator to calculate your income tax. The quick calculator also calculates your income tax based on previous years income tax slabs and tells you how much tax you saved.
Use Quick Income tax calculator: A simple calculator to find out how much tax you will pay this year based on the latest tax slabs. Enter your income and it will calculate the tax for you and let you know how much tax you will save compared to last year.
January 19, 2009 at 10:18 pm |
I think you are thinking like sukrat, but I think you should cover the other side of the topic in the post too…