#1
26th February 2016, 10:19 AM
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Incometax Exemption
I want to get information about the Income Tax Deductions as well as Exemptions. So here can you provide me information about it?
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#2
26th February 2016, 10:20 AM
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Re: Incometax Exemption
If you want to get information about the Income Tax Deductions as well as Exemptions, then here I am telling you about it, as you want. Income Tax Deductions and Exemptions Income Tax Section How Much Tax Can You Save? Sec. 80C Upto Rs. 46,350/- saved on investment of Rs. 1,50,000/- Sec. 80CCC Upto Rs. 30,900/- saved on Investment of Rs.1,50,000/- Sec. 80 D Upto Rs. 10,815/- saved on investment of Rs.35,000/- (Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens) For Men Below 60 Years Of Age Income Tax Slab Income Tax Rate Income upto Rs. 2,50,000 Nil Income between Rs. 2,50,001 - Rs. 500,000 10% of Income exceeding Rs. 2,50,000 Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 For Women Below 60 Years Of Age Income Tax Slab Income Tax Rate Income upto Rs. 2,50,000 Nil Income between Rs. 2,50,001 - Rs. 500,000 10% of Income exceeding Rs. 2,50,000 Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 For Senior Citizens (Age 60 years or more but less than 80 years) Income Tax Slab Income Tax Rate Income upto Rs. 3,00,000 Nil Income between Rs. 3,00,001 - Rs. 500,000 10% of Income exceeding Rs. 3,00,000 Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 For Senior Citizens (Age 80 years or more) Income Tax Slab Income Tax Rate Income upto Rs. 5,00,000 Nil Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 |