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| Tax Slabs |
| In India, life insurance is one of the most popular savings or investment and tax-planning vehicles. However, an insurance policy presents much more than just tax planning and investment returns. It empowers you to plan for unexpected or unforeseen events that could adversely affect your family's financial situation.
The table below illustrates the income tax rates for individual for the Financial Year 2008-09:
|
| Total Income |
RATE OF TAX |
| Resident Senior Citizen |
Resident Women below
65 yrs |
Others |
| Upto Rs. 1,50,000/- |
Nil |
Nil |
Nil |
Above Rs. 1,50,000/- to
Rs. 1,80,000/- |
Nil |
Nil |
10% |
Above Rs. 1,80,001/- to
Rs. 2,25,000/- |
Nil |
10% |
10% |
Above Rs 2,25,001 to
Rs. 3,00,000/- |
10% |
10% |
10% |
Above Rs. 3,00,001/- to
Rs. 5,00,000/- |
20% |
20% |
20% |
| Above Rs. 5,00,000/- |
30% |
30% |
30% |
|
| Please note that a surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000. |
| Education Cess on Income Tax |
| Education Cess @ 3% will be payable on the amount of income tax (including surcharge). |
| Disclaimer- "Above is a broad understanding of the Income Tax Provisions and therefore is not specific advise in regard to your Personal tax and investment matters. Kindly contact your tax consultant for exact calculation of your tax liabilities". |
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