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. 25000...
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