Hi, Can anyone tell me the concept of the income tax? How to calculate the IT for salary purpose? How can one be exempted from IT & what documents need to be sumbited?
From India, Mumbai
From India, Mumbai
The tax depends on your salary and salary slab. As per Income Tax Rules
Latest Income tax slabs for FY 2014-2015
Calculate your tax based on the tax slabs for year 2014-2015. Detailed split for general, women, senior citizen etc are provided.
India Income tax slabs 2014-2015 for General tax payers and Women
Income tax slab (in Rs.) Tax
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%
India Income tax slabs 2014-2015 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) Tax
0 to 3,00,000 No tax
3,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax slabs 2014-2014 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000
You need to submit Investment like PPF LIC which you have taken and Mediclaim etc to claim benefit of deduction
If you need any further details kindly contact me
Regards
Vinay
Email
From India, Mumbai
5Latest Income tax slabs for FY 2014-2015
Calculate your tax based on the tax slabs for year 2014-2015. Detailed split for general, women, senior citizen etc are provided.
India Income tax slabs 2014-2015 for General tax payers and Women
Income tax slab (in Rs.) Tax
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%
India Income tax slabs 2014-2015 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) Tax
0 to 3,00,000 No tax
3,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax slabs 2014-2014 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000
You need to submit Investment like PPF LIC which you have taken and Mediclaim etc to claim benefit of deduction
If you need any further details kindly contact me
Regards
Vinay
From India, Mumbai
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls