Monday, August 23, 2010

Could someone advise with the current tax on Salary Pay scale and the percentage.?

I am toally new to the indian tax system which is a shame. But I will appreciate help. What I need to now is for how much salary, how much % tax will be levied.Could someone advise with the current tax on Salary Pay scale and the percentage.?
There is nothing to be ashamed of !! Not everybody has to be a tax expert. However, the slabs for FY 2008-09 are as under:





Men below 65 years


Up to Rs.1,50,000/- Nil


1,50,001/- to 3,00,000/-10%


3,00,001/- to 5,00,000/- 20%


Above 5,00,000/-30%





Women below 65 years:


Up to Rs.1,80,000/- Nil


1,80,001/- to 3,00,000/- 10%


rest is same as above.





For senior citizens (above 65) Up tp 2,25,000/- is not taxable.





You can save upto Rs.1,00,000/- in tax saving instruments.Could someone advise with the current tax on Salary Pay scale and the percentage.?
The above Tax slab is going to be changed. The goverment proposes to implement the existing slabs from April 2011.

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