Income tax slabs

shalinisasi · #1 10-12-2007, 06:40 PM

Hi

I am very bad at numbers , Even though i have sort of tried to understand the Income tax deductions calculations for certain salary slabs i have not completely understood it.

can someone out there who understands the IT slabs explain it in simple language which even i can understand.

I have even heard that the slabs for male and female employees are different.. if yes then by what scale.

where all can we invest for saving tax deductions....?

Regards
Shalini

venu.duvvuri · #2 13-12-2007, 04:44 PM

hi shalini,

Income tax slabs

if your income is less than 1,10,000-tax free
1,10,001-1,50,000-Tax Rate is 10%
1,50,001-2,50,000-Tax Rate is 20%
more than 2,50,001-Tax Rate is 30%

This slab is as per existing income tax applicanle rates.

bye

Venu

maddy_6030 · #3 13-12-2007, 05:01 PM

Hi Shalini,

Please find the attachment. You can calculate Income Tax in very easy manner. You just need to enter basic, HRA, Conveyance, etc & PT for every month.

Rest is calculated by itself. & finally you will arrive at the income tax due for the year.

Any investments like House rent, LIC, NSC, Mutual funds, etc can be entered in this sheet & tax is calculated automatically.

Hope this helps you to calculate Income Tax in a simple way.

rgds
Madhu