Financial Tip

INCOME TAX FOR INDIVIDUALS WITHIN 65 YEARS OF AGE

As per the Finance Act, 2006, Income tax is required to be deducted under section 192 of the Income tax act, 1961 from income chargeable under the head “Salaries” for the financial year 2006 – 07 (ie, Assessment Year 2007 – 08) at the following rates;


Rates of Income –TAX

Normal Rates of Tax;

1

Where the total income dose not exceed Rs.100000.00

NIL

2

Where the total income exceeds Rs.100000.00
But does not exceed Rs.150000.00

10% of the amount by which the total income exceeds Rs.100000.00

3

Where the total income exceeds Rs.150000.00
But does not exceed Rs.250000.00

Rs. 5000.00 + 20% of the amount by which the total income exceeds Rs. 150000.00

4

Where the total income exceeds Rs. 250000.00

Rs. 25000.00 + 30% of the amount by which the total income exceeds Rs. 250000.00

Rates of tax for a women, resident in India and below sixty five years of age;

1

Where the total income dose not exceed Rs.135000.00

NIL

2

Where the total income exceeds Rs.135000.00
But does not exceed Rs.150000.00

10% of the amount by which the total income exceeds Rs.135000.00

3

Where the total income exceeds Rs.150000.00
But does not exceed Rs.250000.00

Rs. 1500.00 + 20% of the amount by which the total income exceeds Rs. 150000.00

4

Where the total income exceeds Rs. 250000.00

Rs. 21500.00 + 30% of the amount by which the total income exceeds Rs. 250000.00

If you require for Individuals above 65 years of age please update in the comments column will find the details and update the same.

Comments

Sinner said…
This tip is really helpful for sum1 as unaware as me..Kudos Ramya - The Pretty Woman
February 3, 2007 at 8:33 PM
Ramya said…
thq, i had a to do a great deal of research on this.. now that it is the financial year end..

i did not want everyone to run around for the same info..

So sharing with all of you :)
February 3, 2007 at 9:10 PM
Mohan Sridharan said…
Good one girl... Try adding your comments on how this tax burden can be managed by parking our moneys in some tax savers... :)... should be useful, especially at this time of the year...
February 4, 2007 at 6:59 PM
supernova said…
I should have expected you to come up with this! Good goin, SB!
February 4, 2007 at 8:27 PM
Miss Iyer said…
Frankly, I havent read this one, for obvious reasons :-D I dont have to when I have you sitting on my head almost everyday trying to help me financially..

But well, its nice to see u've posted some useful information for the rest of them blog-hoppers at least :)
February 4, 2007 at 8:53 PM
Ramya said…
@ Baala,

thanks.. Will do some writeup about finance managemnet, but specific to your requirement you need to find a financial advisor.

@ Prasi,

He hee.. thats become my bread and butter what more can i say??


@ G3,
U better treat me for being your fund manager and finacial advisor :)
February 6, 2007 at 8:57 AM
Miss Iyer said…
Thats all?
Thats all?
Thats all?

Where are all the other current information?

I want more posts!

I
want
more
posts!
February 8, 2007 at 8:57 PM
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