Can any body describe me what is the slab rate of income levy?
Answers:
16% of the gross for federal-14% for My state.State taxes swing acorrding to state.
First you own to give an account which county Income Tax
In India. (AY-08-09)
MALE INDIVIDUAL ( Not more than 65years)
1,10,000 is exempted
1,10,000 - 1,50,000 = 10%
1,50,000 - 2,50,000 = 20%
> 2,50,000 = 30%
Sure I can. (The following is for financial year 2006-07 i.e. Assessment year 2007-08) But as my friend above have suggested the slabs for the assessment year 2008-09 which I mull over is not the best due to the intention that the Taxpayers would be file their Income Tax Returns for the financial year 2007-08 i.e. Assessment year 2008-09 w.e.f. 1st April 2008 with the sole purpose.
First grasp that in that is no tariff upto Rs.1,00,000/- (in satchel of a male) Rs.1,35,000/- (in defence of a female)and Rs.1,85,000/- (in satchel of a Senior Citizen, whether masculine or a female) and the following are the levy slabs
Upto first Rs. 50,000/- in that is a slab rate of 10 % i.e. Rs.5000/-
The second slab is of Rs.1,00,000/- and at hand is a slab rateof 20 % i.e. Rs.20,000/-
And the third and ending slab is after Rs.1,50,000/- as mentioned above is 30%
Now pilfer this skin (in valise of a male) where on earth his income is Rs.3,75,000/-
Rs.1,00,000/- No Tax
subsequent Rs.50,000/- Rs. 5000/-
subsequent Rs.1,00,000/- Rs.20,000/-
subsequent Rs.1,25,000/- Rs.37,500/-
TOTAL TAX Rs. 62,500/-
(Rs.5000/- + Rs.20,000/- + Rs.37,500)
and over the above tariff of Rs.62,500/- near is Education Cess of 2% i.e. Rs.1250/- SO the total duty on the above computation comes to Rs.63750/- (Tax + Education Cess) on total yield of Rs.3,75,000/- (In crust of a male)
Happy Surfing :)
MALE INDIVIDUAL ( Not more than 65years)
1,10,000 is exempted
1,10,000 - 1,50,000 = 10%
1,50,000 - 2,50,000 = 20%
> 2,50,000 = 30%
As far rates of Income due within India, to put it contained by a simple track, please see the following table:-
1) for men – Rs. 1.10 Lacs.
2)Women (below 65 yrs of age) – Rs. 1.45 Lacs.
3)Senior Citizen (above 65 yrs of age) – Rs. 1.95 Lacs
are exempted from export tax.
Tax will be calculated at following rates:-
a. if the taxable income (not the gross income) is up to exemption rein in given above - in that is no export tax and no tds
b. if it is from exemption rein in to 150000 the 10% levy for excess of the exemption mark out will be levy.
c. for subsequent 100000 - 20% tax
d above this amount - 30% tax will be levied
an further Education Cess (a) 3% (2% up to 31-03-07) is also to be levy on total tariff payable.