Here are the slabs for the income tax for the income incurring in FY2010-2011. The assessment year for these slabs is 2011-2012.
| Yearly Income | Tax Rate |
|---|---|
| Rs. 0 to 1,60,000 | No Tax (0 %) |
| Rs. 1,60,001 to 5,00,000 | 10% |
| Rs. 5,00,001 to 8,00,000 | 20% |
| Above Rs. 8,00,000 | 30% |
Tags: Income Tax Brackets in India, income tax on salary, Income Tax Slabs
Here are the latest slabs for the income tax for the income incurring in FY2011-2012. The assessment year for this slab will be 2012-2013.
| Yearly Income | Tax Rate |
|---|---|
| Rs. 0 to 1,80,000 | No Tax (0 %) |
| Rs. 1,80,001 to 5,00,000 | 10% |
| Rs. 5,00,001 to 8,00,000 | 20% |
| Above Rs. 8,00,000 | 30% |
Tags: Assessment Year 2012-2013, Income Tax Brackets in India, Income Tax Slabs, Latest income tax slabs
Wealth tax is an annual tax like income tax. It is another type of direct tax by which tax is imposed on individuals coming within its purview. Pensioners, retired persons or senior citizens have not been accorded any special benefits under this Act. The important provisions concerning the Act are mentioned below –
Wealth tax is charged for every assessment year in respect of net wealth of corresponding Read the rest of this entry »
Tags: How to calculate Wealth Tax, Indian Wealth Tax, Wealth Tax Rates, Wealth Tax Return Form, Wealth Tax Returns
What is professional tax?
In India, the professional tax is imposed at the state level. However, not all the states impose this tax, the following states impose this levy in India – Karnataka, West Bengal, Andhra Pradesh, Maharashtra, Tamilnadu, Gujarat, and Madhya Pradesh. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax.
Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is Rs.2,400/- and in line with your salary, there are predetermined slabs. It is paid by every member of staff employed in private companies. It is subtracted by the employer each month and sent to the Municipal Corporation. It is compulsory just like income tax. You will be eligible for income tax deduction for this payment. Read the rest of this entry »
Tags: Professional Tax in Delhi, Professional Tax in Maharashtra, Professional Tax in Tamil Nadu, Professional Tax Slabs, tax slabs
1) What does the Income Tax Department consider as income?
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infect the Income Tax Act does not differentiate between legal and illegal income for purpose of taxation. Under the Act, all incomes earned by persons are classified into 5 different heads, such as:
2) Are all receipts considered as income?
No. Receipts can be classified into two kinds. Read the rest of this entry »
1) What is Income Tax?
It is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called “Income tax Act” which was passed by the Parliament of India.
2) What do you mean by income earned in India?
Income earned in India is not limited to income earned within the geographical limits or Read the rest of this entry »
Fringe Benefit Tax (FBT) on Employee Stock Option Plans (ESOPs) (Ebook in Hindi)
An excellent free ebook on Tax Assessment of Charitable Trusts and Institutions prepared by income tax department. Do use it.
– Tax Assessment of Charitable Trusts and Institutions
Tags: Charitable Trusts
Here is an excellent ebook from income tax department providing complete information on how to file income tax returns. Do use it.
Tags: Tax Filing, Tax Returns
Here is a very exhaustive free ebook on taxation of salaried Employees, Pensioners and Senior Citizens
– Taxation Of Salaried Employees, Pensioners and Senior Citizens
Please note that the rate slabs might change from year to year and hence should be taken into consideration.
Tags: income tax on salary, pensioners, senior citizen, tax slabs