Tax slab applicable for this financial year i.e. Income received during 1st of April 2008 to 31st March 2010.
Individual & HUF below age of 65 years:
Male
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Female
For Income Between 0 to 1,90,000 : NIL
For Income Between 1,90,001 to 3,00,000 : 10%
For Income Between 3,00,001 to 5,00,000 : 20%
For Income above 5,00,001: 30%
Education Cess 3%
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Senior Citizen Tax
For Income Between 0 to 2,40,000 NIL
For Income Between 2,40,001 to 3,00,000 10%
For Income Between 3,00,001 to 5,00,000 20%
For Income above 5,00,001 30%
Education Cess 3%
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One can avail following deductions:
1. HRA i.e house rent allowance
2.Travel allowance of Rs.800/ month i.e. Rs.9600.00 per year
3.Food coupons not more than Rs.800/ months i.e. 9600.00 per year
4.Deduction U/S 80C to the extent of Rs.100000.00 which one can invest in the following scheme
(A) PENSION SCHEME INVESTMENTS
(B) HOUSING LOAN PRINCIPAL REPAYMENT
(C) PPF – PUBLIC PROVIDENT FUND
(D) HOME LOAN ACCOUNT OF NATIONAL HOUSING BANK
(E) LIC – LIFE INSURANCE PREMIUM DIRECTLY PAID BY EMPLOYEE
(F) ULIP 1971-ULIP LINKED INSURANCE PLAN FROM UTI
(G) NSC – NATIONAL SAVING CERTIFICATE
(H) DEPOSIT UNDER POST OFFICE SAVING BANK (CTD) RULES, 1959
(I) NSS – NATIONAL SAVING SCHEME
(J) UTI – RETIREMENT BENEFIT PLAN
(K) INFRASTRUCTURE INVESTMENT – NOTIFIED U/S 10 (23D)
(L) MUTUAL FUNDS – NOTIFIED UNDER CLAUSE 23D OF SECTION 10
(M) ELSS – EQUITY LINK SAVING SCHEME OF MUTUAL FUNDS
(N) TUITION FEES FOR FULL TIME EDUCATION TO INDIAN SCHOOL, UNIVERSITY
(O) Fixed Deposits in Banks (Period as per Income Tax Guidelines)
(P) 5 years term deposit an account under Post Office Term Deposit Rules
(Q) Depsoit in account under the senior citizens savings scheme rule 2004
5.U/S 80D : MEDICLAIM PREMIUM (For Self, Spouse, Dependent Children & Parents) Maximum Limit Rs. 15000/- & Rs. 20000/- in case of premium on the health of Dependents above 65 years old otherwise of Rs.15000/-
6.Medical Bill to the extent of Rs.15000.00
7.U/S 80E INTEREST ON EDUCATION LOAN (for self education) – No Maximum Limit
8.INTEREST PAID ON HOUSING LOAN. No Maximum limit for let out property. Maximum Limit for Self Occupied Property Rs. 30000/- (before 01-04-1999) & Rs. 150000/- (from 01-04-1999) (Submit Certificate received fom Financial Institution/ Banks, Occupation Certificate, Form 12 C Declaration, Income from House. Prop. Computation Statement)