Income tax

[Perfection]

Income tax rate in India has changed due to the finanacial Budget 2007.
Taxable income limit was increased from Rs 1 Lakh to Rs 1.1 Lakh. For women, it is Rs 1.45 lakh and for senior citizens is 1.85 lakh. For this amount, no tax is payable.

If your annual income is higher, you can save tax by investing it in Provident fund, Life Insurance of India policies, National Savings Certificates, Mutual funds etc (Savings maxi limit is Rs.1 Lakh). Donations to registered charitable agencies, Prime minister's relief fund etc. are exempted from income tax.

[ftvfatboy]

good info
anyway i am paying it regularly

[deweb]

I wonder which country income tax is the lowest ?
and is it true the poor is the one whom suffer the most under the tax system ?

[Perfection]

30 June 2008 is time to file Income tax returns (India).

[Fallen Shadows]

yep we all hate india

[multi]

yes!! is good!

[Perfection]

For latest Income tax scale (India) visit :

www.incometaxindia.gov.in