I would like to know the minimum amount for tax deduction and the method for deducting the tax. Some are saying tax deduction varies for men and women.. i would like to know all the details Thanks
From India, Madras
From India, Madras
Hi,
There is no Miniumum & Maximum amount in deducation the income tax. the income tax will be deducated purly based on the taxable income for the individual. Please see below is the income tax slab for the FY 2013 - 2014
Income tax for General tax payers and Women
0 to 2,00,000- No tax
2,00,001 to 5,00,000 - 10% (rebate of Rs 2000 now permitted)
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30% (surcharge of 10%, if income is above Rs 1 crore)
Income tax slabs for Senior citizens (Aged 60 years but less than 80 years)
0 to 2,50,000 - No tax
2,50,001 to 5,00,000 - 10%
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above)
0 to 5,00,000 - No tax
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs. There is a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status.
Also please access the below link to calcute the IT, which is IT Department link.
Tax calculator:
<link no longer exists - removed>
Regards,
Dhanashekhar
From India, Madras
1There is no Miniumum & Maximum amount in deducation the income tax. the income tax will be deducated purly based on the taxable income for the individual. Please see below is the income tax slab for the FY 2013 - 2014
Income tax for General tax payers and Women
0 to 2,00,000- No tax
2,00,001 to 5,00,000 - 10% (rebate of Rs 2000 now permitted)
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30% (surcharge of 10%, if income is above Rs 1 crore)
Income tax slabs for Senior citizens (Aged 60 years but less than 80 years)
0 to 2,50,000 - No tax
2,50,001 to 5,00,000 - 10%
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above)
0 to 5,00,000 - No tax
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%
In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs. There is a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status.
Also please access the below link to calcute the IT, which is IT Department link.
Tax calculator:
<link no longer exists - removed>
Regards,
Dhanashekhar
From India, Madras
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