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What is the income tax rate for calculation of income from apr 08-mar 09 for a salaried employee (male)?


what are the rate slabs ? what will be the tax on income of 350000. Excluding saving in 80 c Rs100000

Tax free:
Male: 1.5 lakhs
Female: 1.8 lakhs
Seniour citizen: 2.25 lakhs

Slabs:
1.5 to 3 lakhs @10%
3 to 5 lakhs @20%
5 lakhs and above @30%

***
Tax Calcu. for MALE -Tax free Amt. Rs.150000 FY:08-09

350,000 = Gross Total income (Regular)
100,000 = LESS: Deductions U/Chapter IV-A (80C Etc.,)
-------------
250,000 = Net income after 80C deduction
=======

000,000 = TAX @ 0% Income Exempt from Tax on 150,000
010,000 = Tax @10% between 1.5 to 3.0 lakhs on 100,000
000,000 = Tax @20% between 3 to 5 Lakhs on 000,000
000,000 = Tax @30% on >5 lakhs on Rs.000,000
-------------
010,000 = Tax Payable on Net Income 250,000
000,300 = ADD: Education cess @ 3% on tax 10,000
-------------
010,300 = Net Total Tax Payable.
=======

you have to pay Rs 10000/=. exemption up to 1.5 lac. saving part 100000. another 100000 is subjected for 10%.slab is 10%, up to 3 lac.

Income Tax Rate 08-09
up to 150000 Nil 150000 - 300000 10% 300000-500000 20% on 350000 incoe tax will be 15000 +10000 = 25000 i.e 150000 10% 15000 and on balance 50000 20%

The slab will be as follows:
Rs 3 - Rs 5 lakh male tax will be @ 20%. on net income.

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