shreeramjoshi2007
14

Dear All,

The budget proposal as per the finance minister’s speech dated 29th February 2008 –

(A) New Tax Brackets & New Rates

Taxable Income Range Rate of Income Tax

Upto Rs. 1,50,000 Nil

Rs. 1,50,001 – Rs. 3,00,000 10 %

Rs. 3,00,001 – Rs. 5,00,000 20 %

Rs. 5,00,001 and above 30 %

Exemption from income tax for women upto income of Rs.1,80,000.

Surcharge of 10 % will be applicable to taxable income above Rs.10,00,000.

The education cess of 3 % is applicable on above income tax and surcharge.

(B) Inclusion of Section 80 C

The aggregate amount invested in the following subject to the maximum of Rs.1,00,000

is exempted.

The amount paid or deposited in / as –

(i) An account under the Senior Citizens Savings Scheme Rules 2004 .

(ii) Five year Time Deposit in an account under the Post Office Time Deposit Rules 1981.

(C) Inclusion in Sec 80 D – Medical Insurance Premia :

The exemption limit for payment of medical insurance premia (by cheque) on medical policy

taken for self, spouse, dependent children is Rs.15,000 p.a. and an additional exemption of

Rs.15,000 p.a., if any payment done on behalf of parents.

(D) Comparison of Income tax payable for the f.y. 2007-08 & 2008-09 :-

Salary Income Exemption – 80C Taxable Income Tax Amt (2007-08) Tax Amt (2008-09)

210,000 100,000 110,000 Nil Nil

250,000 100,000 150,000 4,120 Nil

300,000 100,000 200,000 14,420 5,150

350,000 100,000 250,000 24,720 10,300

400,000 100,000 300,000 40,170 15,450

600,000 100,000 500,000 101,970 56,650

850,000 100,000 750,000 179,220 133,900

1,100,000 100,000 1,000,000 256,470 211,150

1,600,000 100,000 1,500,000 452,067 402,215



Note :- (3) Tax amount includes education cess (3%).

From India, Patna
JOSEPHPATRAO
24

#366484
PLEASE GO THROUGH ABOVE TAX CALCULATOR AND ADVISE

From India, Mumbai
divyang3783
i bouth new house by laon can i get exemption stamp duty from tax salary : 48000 per month stamp duty : 100000 investment : 100000 Please give me reply
From India, Ahmadabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.