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Q.

What is the minimum income to pay income tax

Tags: income tax, minimum income
Asked by Sunil, 22 Jan '08 04:01 pm
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Answers (3)

 
1.

Personal Income Tax Rates for FY 2007-08: The Personal Income Tax as fixed by the Central Government and the Central Board of Direct Taxes under Ministry of Finance, as per the regulations of the Income Tax Act is different according to the income level of the individuals.
The slabs in the India Income Tax Rate for adult male citizens having taxable income:
All income up to Rs. 1,10,000 per year- Nil
From 1,10,001 to 1,50,000 : 10% of amount greater than Rs. 1,10,000
From 1,50,001 to 2,50,000 : 20% of amount greater than Rs. 1,50,000 + Rs. 4,000
Above 2,50,000 : 30% of amount greater than Rs. 2,50,000 + Rs. 24,000

India Income Tax Rate for women citizens with taxable income, no tax payment for income up to Rs. 1,45,000 per year while for the senior citizens it is fixed at Rs. 195,000. There is an additional charge of 10% on total tax levied if the income exceeds Rs. 8,50,000.

Answered by Zeus, 22 Jan '08 04:10 pm

 
  
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2.

1.60thousand
Answered by Anand Agarwal, 03 Nov '09 02:25 am

 
  
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3.

Rs.135000/-
Answered by k.s.kumar, 22 Jan '08 04:02 pm

 
  
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