Stories similar to INCOME TAX RATES IN NEW TAX CODE:

Income Tax Rate STT Rate Wealth Tax Rate Mat Rate and TDS Rates 2 years 8 weeks ago

There are some changes in the income tax rates,mat rates,wealth tax rates as well as TDS rates in the financial budget in Febuary 2010 for the financial year 2010-11 and the analysis year 2011-12. the changes are as below:-

1- There is no changes in the basic(tax free) income tax slabs which are 160000 for men,190000 for women and 240000 for senior citizen.

2- Tax slabs of 10% which was on the income upto 300000 is extended to 500000.

3- Tax slabs of 20% which was on the income upto 500000 is extended to 800000.

Income Exempted in Income Tax Section 10 2 years 14 weeks ago

Section 10 of income tax act defines that some income are exempted from income tax means there is no income tax on these income. Some of these income are fully exempted from income tax and some are some exemption limit.

Like agriculture income is fully exempted from income tax whereas minor income clubbed with individual has the exemption limit of 1500. So it is neccessary to remember all these exemptions before calculationg somebody income tax.

So i am presenting a full view of section 10 of income tax act with all the exemptions and exemptions limit of section 10.

tds section 197 1 year 16 weeks ago

Exemption certificate or deduction of tax at lower rates: - under section 197 of income tax act, where the total income of an assessee justifies no deduction of tax or jurisdiction deduction of tax at lower rates, he may apply in the prescribed form to the assessing officer requesting him to issue a certificate to the effect that either no tax or tax at lower rate should be deducted at source or be deducted at lower rates

INCOME EXEMPTED FROM INCOME TAX 1 year 42 weeks ago

Income tax act provides a scheme of exemptions, deduction and tax rebates. Income fully exempt from income tax doesn’t form part of the total income at all. Income partly exempt from tax is to be included in the total income only to the extent to which they are in excess of the quantum of exemption available. This topic is devoted to income exempt from tax while the deductions from gross total income and rebate from tax liability will also be discussed.

ALL ABOUT TAX PLANNING 2 years 4 weeks ago

Tax planning is very necessary to save the income tax from the income. There are many instruments in India from which on can save income tax. But it’s quite confusing and most of the people invest in the scheme which are not suit to them and leave the good scheme. This happened because we need to do it very fast almost in a fortnight. If someone do the tax planning in Feb.-mar it will be very helpful to them. In India we can save Rs. 100000 under section 80 CC and mediclaim up to 20000 for dependent senior citizen parents (New Rule in this budget).