I would like to know the minimum amount for tax deduction and the method for deducting the tax. Some are saying tax deduction varies for men and women.. i would like to know all the details Thanks
From India, Madras
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From India, Madras
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Hi,
There is no minimum and maximum amount in deducting the income tax. The income tax will be deducted purely based on the taxable income for the individual. Please see below the income tax slab for the FY 2013 - 2014:
Income tax for General taxpayers and Women:
0 to 2,00,000 - No tax
2,00,001 to 5,00,000 - 10% (rebate of Rs 2000 now permitted)
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30% (surcharge of 10%, if income is above Rs 1 crore)
Income tax slabs for Senior citizens (Aged 60 years but less than 80 years):
0 to 2,50,000 - No tax
2,50,001 to 5,00,000 - 10%
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above):
0 to 5,00,000 - No tax
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
In addition, a rebate of Rs 2000 will be available for income less than Rs 5 lakhs. There is a surcharge of 10% on persons whose taxable income exceeds Rs. 1 crore per year. This will apply to individuals, HUFs, firms, and entities with similar tax status.
Also, please access the below link to calculate the IT, which is the IT Department link.
Tax calculator:
<link no longer exists - removed>
Regards,
Dhanashekhar
From India, Madras
Acknowledge(0)Amend(0)
1There is no minimum and maximum amount in deducting the income tax. The income tax will be deducted purely based on the taxable income for the individual. Please see below the income tax slab for the FY 2013 - 2014:
Income tax for General taxpayers and Women:
0 to 2,00,000 - No tax
2,00,001 to 5,00,000 - 10% (rebate of Rs 2000 now permitted)
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30% (surcharge of 10%, if income is above Rs 1 crore)
Income tax slabs for Senior citizens (Aged 60 years but less than 80 years):
0 to 2,50,000 - No tax
2,50,001 to 5,00,000 - 10%
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above):
0 to 5,00,000 - No tax
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
In addition, a rebate of Rs 2000 will be available for income less than Rs 5 lakhs. There is a surcharge of 10% on persons whose taxable income exceeds Rs. 1 crore per year. This will apply to individuals, HUFs, firms, and entities with similar tax status.
Also, please access the below link to calculate the IT, which is the IT Department link.
Tax calculator:
<link no longer exists - removed>
Regards,
Dhanashekhar
From India, Madras
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Income tax slab for FY 2014.pdf
Income-Tax-Calc ulator-FY-2009- 10.xls