I taxes ( a y 2009-10)

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I taxes ( a y 2009-10)

  1. 1. Calculating your income taxes is very easy. All you need to know is which tax slab will beapplicable to you. But, before we get to tax slabs, lets understand in 3 quick steps how tocalculate taxes.Step 1: Identify and tabulate all sources of income – salary, business income, interest, rental,capital gainsStep 2: Identify which deductions and tax savings are applicable to you – 80C deductions,interest repaymentStep 3: Apply the relevant tax slab depending upon your sex and age, after taking the deductionsand savingsIn addition to the tax payable on income, you will also have to pay a Surcharge (if your incomeexceeds Rs.10 lakhs in case of individuals) and an Education Cess levied by the Government onall tax payers. If you are a salaried employee, chances are that your employer has alreadydeducted these in your monthly pay.The tax slab will help you identify how much of your income will be available to you tax freeand thereafter what tax rate will be charged to the remaining income.If you are a woman or a senior citizen, you will be entitled to a larger tax-free amount. Thefollowing tables will help you identify which tax slabs are relevant for you: • Resident Individual below 65 years of age or HUF (tax free income up to the first Rs.1.50 lakhs) • Resident Woman below 65 years of age (tax free income up to the first Rs.1.80 lakhs) • Resident Senior Citizens – 65 years of age or above (tax free income up to the first Rs.2.25 lakhs)As shown below, after the initial tax-free amount, different slabs of your income will be chargedat different rates.For Resident Individual below 65 years of age or HUF Net Income Range Income Tax Plus Surcharge Plus Education CessUp to Rs.1,50,000 Nil Nil NilRs.1,50,001 to 10% of income above Rs.1,50,000 Nil 3% of income taxRs.3,00,000Rs.3,00,001 to Rs.15,000 + 20% of income above Nil 3% of income taxRs.5,00,000 Rs.3,00,000Rs.5,00,001 to Rs.55,000 + 30% of income above Nil 3% of income taxRs.10,00,000 Rs.5,00,000 Rs.2,05,000 + 30% of income above 10% of income 3% of income tax andAbove Rs. 10,00,000 Rs.10,00,000 tax surcharge
  2. 2. For Resident Women below 65 years of age Net Income Range Income Tax Plus Surcharge Plus Education CessUp to Rs.1,80,000 Nil Nil NilRs.1,80,001 to 10% of the income above Rs.1,80,000 Nil 3% of income taxRs.3,00,000Rs.3,00,001 to Rs.12,000 + 20% of the income above Nil 3% of income taxRs.5,00,000 Rs.3,00,000Rs.5,00,001 to Rs.52,000 + 30% of the income above Nil 3% of income taxRs.10,00,000 Rs.5,00,000 Rs.2,02,000 + 30% of the income 10% of income 3% of income tax andAbove Rs.10,00,000 above Rs.10,00,000 tax surchargeeFor Resident Senior Citizens ( 65 years of age and above, including those who turn 65 at any timeduring the Financial Year 2008-09) Net Income Range Income Tax Plus Surcharge Plus Education CessUp to Rs.2,25,000 Nil Nil NilRs.2,25,001 to 10% of the income above Rs.2,25,000 Nil 3% of income taxRs.3,00,000Rs.3,00,001 to Rs.7,500 + 20% of the income above Nil 3% of income taxRs.5,00,000 Rs.3,00,000Rs.5,00,001 to Rs.47,500 + 30% of the income above Nil 3% of income taxRs.10,00,000 Rs.5,00,000 Rs.2,05,000 + 30% of the income 10% of income 3% of income tax andAbove Rs.10,00,000 above Rs.10,00,000 tax surchargee

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