Income-tax
provisions for the Financial Year ending
31st March, 2007.
Tax Slabs.
I) For
any individual other than the individual
referred to in item II and III below
|
Nil |
Nil |
Nil |
|
10% of (total
income minus Rs.1,00,000) |
Nil |
2% of income-tax. |
|
|
Nil |
2% of income-tax. |
| Rs.2,50,000
to Rs.10,00,000 |
|
Nil |
2% of income-tax. |
Above Rs.10,00,000 |
Rs.2,50,000
+ 30% of (total income minus Rs.10,00,000) |
10% of income-tax. |
2% of income-tax
and sur-charge. |
(II) In case of resident
women below 65 years of age
|
Nil |
Nil |
Nil |
|
10% of (total
income minus Rs.1,35,000) |
Nil |
2% of income-tax. |
|
|
Nil |
2% of income-tax. |
| Rs.2,50,000
to Rs.10,00,000 |
|
Nil |
2% of income-tax. |
Above Rs.10,00,000 |
Rs.2,46,500
+ 30% of (total income minus Rs.10,00,000) |
10% of income-tax. |
2% of income-tax
and sur-charge. |
(III) In case of Senior
citizens above 65 years of age
|
Nil |
Nil |
Nil |
|
20% of (total
income minus Rs.1,85,000) |
Nil |
2% of income-tax. |
| Rs.2,50,000
to Rs.10,00,000 |
|
Nil |
2% of income-tax. |
Above Rs.10,00,000 |
Rs.2,38,000
+ 30% of (total income minus Rs.10,00,000) |
10% of income-tax. |
2% of income-tax
and sur-charge. |
Under Sec.80C of the Income
Tax Act.
Premiums paid upto maximum of Rs.1,00,000
subject to maximum of 20% of Capital sum
Assured under Traditional & Unit linked
Plans.
Under Sec.80CCC of the Income
Tax Act.
Premiums paid upto maximum of Rs. 1,00,000
under pension plans.
However, u/s.80 CCE, the aggregate
amount of deduction under section 80C,
section 80CCC, and section 80CCD shall
not, in any case exceed one lakh rupees.
Under Sec.80DD of the Income
Tax Act.
Premiums paid under plans exclusively
for physically handicapped persons upto
Rs.50,000/-In case of severe disability
as certified & issued by the medical
authority upto Rs. 75,000/-
Exemption of Life Insurance
Proceeds.
Under Sec.10(10D) of the Income Tax
Act.
- Maturity
benefits are tax free. However in cases
where premium exceeds 20% of capital
sum assured within a year, benefits
paid in excess of premiums paid will
be taxable.
- Death benefits are tax-free.
|
