3 Replies to “whats income tax for men , women&senior persons?”

  1. income between Rs 1.5 lakh and Rs 3 lakh will be taxed at 10 per cent, between Rs 3 lakh and Rs 5 lakh at 20 per cent, while for Rs 5 lakh and above the rate would be 30 per cent in addition to 3 per cent education cess.

    The tax exemption limit for women assessees has been raised from Rs 1.45 lakh to Rs 1.80 lakh, while in case of senior citizens it has been increased from Rs 1.95 lakh to Rs 2.25 lakh.

    chk the same on hindu – last wednesday


  2. The basic tax exemptions for this running financial year 07-08 are as follows: (1-4-2007 to 31-3-2008)

    Rs.1,10,000 for HUF or Male <65 years
    Rs.1,45,000 for Femala <65 years
    Rs.1,95,000 for Seniour Citizens >65 years (Male or Female)

    Tax Slabs for FY: 07-08 are as follows:

    Male/HUF

    00% Up to 1.1 lakhs
    10% Tax between 1.1 lakhs to 1.5 lakhs
    20% Tax between 1.5 lakhs to 2.5 Lakhs
    30% tax after 2.5 lakhs

    Female:

    00% Up to 1.45 lakhs
    10% Tax between 1.45 lakhs to 1.5 lakhs
    20% Tax between 1.5 lakhs to 2.5 Lakhs
    30% tax after 2.5 lakhs

    Seniour Citizens:

    00% Up to 1.95 lakhs
    20% Tax between 1.95 lakhs to 2.5 Lakhs
    30% tax after 2.5 lakhs

    Tax Savings: (under section 80C)

    All of the above can invest up to 1 lakh in tax deduction investments like LIC premium, PPF, NSC, 5 years Bank Deposit & ELSS etc. These are called 80C deductions. More clearly written in the below website.
    http://www.rediff.com/getahead/2005/dec/

    If you invest in the above said tax savings 80c investments, your income will be directly reduced up to a max. investment of Rs.1 lakh.

    FOR THE FINANCIAL YEAR 2008-09 (NEXT YEAR)

    The basic tax exemptions for this running financial year 08-09 as follows:

    Rs.1,50000 for HUF or Male <65 years
    Rs.1,80,000 for Femala <65 years
    Rs.2,25,000 for Seniour Citizens >65 years (Male or Female)

    Tax Slabs for FY: 08-09 are as follows:

    Male/HUF

    00% Up to 1.5 lakhs
    10% Tax between 1.5 lakhs to 3 lakhs
    20% Tax between 3 lakhs to 5 Lakhs
    30% tax after 5 lakhs

    Female:

    00% Up to 1.80 lakhs
    10% Tax between 1.80 lakhs to 3 lakhs
    20% Tax between 3 lakhs to 5 Lakhs
    30% tax after 5 lakhs

    Seniour Citizens:

    00% Up to 2.25 lakhs
    10% Tax between 2.25 lakhs to 3 Lakhs
    20% Tax between 3 lakhs to 5 lakhs
    30% Tax after 5 lakhs

    Other benifits are same like FY:2007-08






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