|
|
| Tax rates for the
assessment year 2008 -09 |
| |
| 1.1(A)
For women, resident in India and below the age of 65 years at any time
during the previous year. |
| Upto
Rs.1,45,000 |
Nil |
| Rs.1,45,001
to Rs.1,50,000 |
10% |
| Rs.1,50,001
to Rs.2,50,000 |
20% |
| Above
Rs.2,50,000 |
30% |
|
| |
1.1(B)
For an individual (man or woman), resident in India who is of the age
of 65 years or
more at any time during the previous year.
|
| Upto
Rs.1,95,000 |
Nil |
| Rs.1,95,001
to Rs.2,50,000 |
20% |
| Above
Rs.2,50,000 |
30% |
|
| |
1.1(C)
Individuals, [other than those mentioned in para 1.1(A) and (B) above]
HUF, AOP/BOI
(other than co-operative societies).
|
| Upto
Rs.1,10,000 |
Nil |
| Rs.1,10,001
to Rs.1,50,000 |
10% |
| Rs.1,50,001
to Rs.2,50,000 |
20% |
| Above
Rs.2,50,000 |
30% |
|
| |
|
| Co-operative
Societies : - |
| Upto
Rs.10,000 |
10% |
| Rs.10,001
to Rs.20,000 |
20% |
| Above
Rs.20,000 |
30% |
|
| |
| No
Surcharge |
|
|
| Deductions
: - |
| Upto
Rs.1,00,000 |
U/S
80C |
| Upto
Rs.15,000 |
U/S
80D |
| Upto
Rs.50,000(normal) / 75,000 (in case of severe) |
U/S
80DD |
| For
individual Rs.40,000 & for senior citizen Rs.60,000 |
U/S
80DDB |
| For
Higher Education Actual Amount Paid |
U/S
80E |
| Donations
(100% or 50%) as applicable |
U/S
80G |
|
|
Note
: -
The assessee need not submit documentary evidences along with the I.T.
Return. But documents need to be produced before the A.O., if asked
for. |
| |
| |
| House
rent Allowance [Section 10(13A) and Rule 2A] |
| House
situated in Delhi, Mumbai Chennai & Kolkata |
House
situated in any other city |
Minimum
of the following 3 limits
i) Allowance actually received; or
ii) Rent paid in excess of 10% of salary; or
iii) 50% of salary |
Minimum
of the following 3 limits
i) Allowance actually received;or
ii) Rent paid in excess of 10% of salary; or
iii) 40% of salary |
Meaning
of salary : Basic salary plus D.A. to the extent the terms
of employment so provide plus commission if fixed percentage of
turnover. Salary is to be taken on due basic. |
|
| |
Leave Travel Concession [Sec. 10(5)] – Employee, Spouse, Children
and wholly dependent parents, brothers & sisters on him are entitled twice in one block year, such as,
2006 – 09. Conditions prescribed by the government Different
situations Amount of exemption if journey is performed on or after
October 1, 1997
-
Where journey is performed by air
-
Where journey is performed by rail
-
Where the places of origin of journey and destination
are connected by rail and journey is performed by any other mode
of transport
-
Where the places of origin of journey and destination
(or part thereof) are not connected by rail
-
Where a recognized public transport system exists
-
Where no recognized public transport system exists
Amount
of air economy class fare of the National Carrier by the shortest route
or the amount spent, whichever is less Amount of air-conditioned first
class rail fare by the shortest route or the amount spent, whichever
is less Amount of air-conditioned first class rail fare by the shortest
route or the amount spent, whichever is less.
First
class or deluxe class fare by the shortest route or the amount spent,
whichever is less.
Air-conditioned
first class rail fare by the shortest route (as if the journey had been
performed by rail) or the amount actually spent, whichever is less. |
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