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Welcome to Tax Planning |
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For the Assessment Year 2008-09 Taxable income slab (Rs.).......Rate (%) Up to Rs. 1,50,000 .......................................................................... 0%
Rs. 1,50,001 – Rs. 3,00,000 .......................................................... 10% Rs. 3,00,001 – Rs. 5,00,000 .......................................................... 20% Rs. 5,000,001 - upwards ............................................................... 30%* Up to 1,80,000 (for women) ............................................................ 0%
Up to 2,25,000 (for resident individual of 65 years or above)............. 0%
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
Note : -
Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
Exemption under 80C
There is an exemption of Rs. 1,00,000/- ( Rupees One Lakh Only ) under Section 80C. Investment shoud be made between April 1 2008 to march 31, 2009 to claim exemption for that financial year. Provident Fund Public Provident Fund Pension plans Equity Linked Saving Schemes of mutual funds Infrastructure bonds National Savings Certificate Housing Loan - Principal The limit under section 80C is Rs 100,000/- irrespective of how much you are earn and under which tax bracket you fall. You are free to invest in any schemes which comes under 80C as there are no sub-limits under this overall Rs 100,000 amount. |
