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
Post a Comment

Popular posts from this blog

Sleep Cricket… Dream Cricket…. Eat Cricket….. Breathe Cricket……………………

Image
Little do I know about cricket. But hey! Wait, here is my cousin who dreams, sleeps, talks, walks and breathes cricket. It is just not a dream but a dream come true. No dream is a success or achievement till there is hard work and dedication. Behind any success or achievement there is a whole lot of hard work, self-driven PASSION towards achieving the goal, BOOST and MOTIVATION at every moment. This is where the key role of parents and supporters come into picture. As for my cousin, his mom (Chitra), dad (Ravichandran) and grandpa (Narayanaswami) have, and are continuing to give their full support to him since his age eight to be a self-made and successful cricket player. Cousin R Ashwin and Indian Cricketer Dhoni just a pose after a practice session. When a child starts to walk, initially he will tumble and fumble and get injured. Initial days of practice Ashwin had a slight injury in the pelvic, as per doctor’s advice had taken a break for a year or two ...
Read more

Terrace and Me

Image
After many many years I went to the terrace this morning. This place has known all my mood swings over close to two decades now. A place where I have sat peacefully during early mornings and during late nights; spent time to complete my assignments/homework of college and school. Terrace, a part of the flat I stay where all children of our ages spent the maximum hours of the evenings everyday to play. Today too the place looked just the same. Parrots chirping and flying around to the nearest trees. A view from the terrace, no change what so ever. Even today a cricket match in the neighboring ground. The only change i found is that there are less and less crows and more and more pigeons. Only a handful of independent houses left; and with multi-storied flats and corporates around our house, the view afar is completely cut off. I was wrapped up in the thoughts of the pleasant past. Life was slow then and there were never a husssh hussh, lets hurry kind of life. ...
Read more