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
Acknowledge(0)
Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
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 the year 2014-2015. Detailed splits for general, women, senior citizens, etc., are provided.
India Income tax slabs 2014-2015 for General taxpayers 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 2014-2015 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 investments like PPF, LIC, which you have taken, and Mediclaim, etc., to claim the benefit of deductions.
If you need any further details, kindly contact me.
Regards,
Vinay
Email: vparekh123@gmail.com
From India, Mumbai
Acknowledge(0)Amend(0)
5Latest Income tax slabs for FY 2014-2015:
Calculate your tax based on the tax slabs for the year 2014-2015. Detailed splits for general, women, senior citizens, etc., are provided.
India Income tax slabs 2014-2015 for General taxpayers 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 2014-2015 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 investments like PPF, LIC, which you have taken, and Mediclaim, etc., to claim the benefit of deductions.
If you need any further details, kindly contact me.
Regards,
Vinay
Email: vparekh123@gmail.com
From India, Mumbai
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls