Hi, Can anyone tell me the concept of the income tax? How to calculate the IT for salary purpose? How can one be exempted from IT & what documents need to be sumbited?
From India, Mumbai
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From India, Mumbai
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The tax depends on your salary and salary slab as per Income Tax Rules.
Latest Income Tax Slabs for FY 2014-2015
Calculate your tax based on the tax slabs for the year 2014-2015. Detailed splits for general, women, senior citizens, etc., are provided.
India Income Tax Slabs 2014-2015 for General Taxpayers and Women
Income tax slab (in Rs.) | Tax
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%
India Income Tax Slabs 2014-2015 for Senior Citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) | Tax
0 to 3,00,000 | No tax
3,00,001 to 5,00,000 | 10%
5,00,001 to 10,00,000 | 20%
Above 10,00,000 | 30%
India Income Tax Slabs 2014-2015 for Very Senior Citizens (Aged 80 and above)
Income tax slab (in Rs.) | Tax
0 to 5,00,000 | No tax
5,00,001 to 10,00,000 | 20%
Above 10,00,000 | 30%
You need to submit investments like PPF, LIC, which you have taken, and Mediclaim, etc., to claim the benefit of deductions. If you need any further details, kindly contact me.
Regards,
Vinay
[Email Removed For Privacy Reasons]
From India, Mumbai
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5Latest Income Tax Slabs for FY 2014-2015
Calculate your tax based on the tax slabs for the year 2014-2015. Detailed splits for general, women, senior citizens, etc., are provided.
India Income Tax Slabs 2014-2015 for General Taxpayers and Women
Income tax slab (in Rs.) | Tax
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%
India Income Tax Slabs 2014-2015 for Senior Citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) | Tax
0 to 3,00,000 | No tax
3,00,001 to 5,00,000 | 10%
5,00,001 to 10,00,000 | 20%
Above 10,00,000 | 30%
India Income Tax Slabs 2014-2015 for Very Senior Citizens (Aged 80 and above)
Income tax slab (in Rs.) | Tax
0 to 5,00,000 | No tax
5,00,001 to 10,00,000 | 20%
Above 10,00,000 | 30%
You need to submit investments like PPF, LIC, which you have taken, and Mediclaim, etc., to claim the benefit of deductions. If you need any further details, kindly contact me.
Regards,
Vinay
[Email Removed For Privacy Reasons]
From India, Mumbai
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Income Tax Calculation 2009-10 - Salaries.xls