|
|
| 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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