For general tax payers
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 2,00,000 | No tax |
| 2,00,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
For female tax payers
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 2,00,000 | No tax |
| 2,00,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
For senior citizens (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
For very senior citizens (Aged 80 and above)
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 5,00,000 | No tax |
| 5,00,001 to 10,00,000 | 20% |
| Above 10,00,000 | 30% |
Note : Surcharge is nil and 3% cess will be charged on above tax.
@TheWealthWisher,
Thanks for the reckoner, i hope in the next budget the FM abolishes tax on very senior citizens. They are asking for too much….
I don’t think it’d be a good idea to abolish tax completely. People will start making investments in their 80+ parents name and it can open a new can of worms.
Dear Radhey,
I find this kind of representation confusing for the common man. On the face of it a male having taxable income of 11 lakhs gets to pay 30% as taxes which is 330000 excluding cess
Whereas it is actually 187,460 including cess
I think this representation is more illuminating
http://www.investmentyogi.com/taxes/tds-rates-chart-for-financial-year-2011-2012.aspx
Ok, I get the point Pattu, I will probably do an infographic !
I am happy to see that finally men and women are treated equally. Hope it continues in future as well.
The lower end of taxnet is very low. 2L is just about 16K per month. Govt should feel pity on urban salaried lower middle class (I guess at 2L, it should be called economically weaker section if not BPL in a city). The topri guy selling tea outside office or auto rickshaw driver may be earning more than that but no tax.
Service employees are always hit because of TDS and transparency of their income. Rest all can do some ghotala and save tax.
I am fully agree with you. Service class are always hit by Government. Even they are paying tax regularly there is noting for service class. All tax money are enjoyed by corporates (bail out) and Govt officer (with scheme like NREGA)
I pity the government. They are going to go out of business in the next elections. They are busy thinking about themselves.
I doubt it. Who is there to replace them? Others I feel are worse and more illiterate than this government.
This government will always be “Aandhon mein kaana raja”.
I think we get the Govt we deserve. TINA (There is no alternative) is a big factor. A state was ruled by left for 34 yrs only because of this and when the alternative came, ironically it is further left of left. Today my homestate Orissa is in similar position.
We deserve better and we can get it if we are willing to make an effort. A simple thing you can do by not voting in elections. Since there is no option of “none of the above”, the only way we can show our descent is by not voting. What do you think they would do if there is only 20% voting across the country? They certainly can’t form the govt.
I don’t think not voting would help, if we don’t vote we don’t have the right to complaint against the government. But then the question arises, whom to vote? All parties are corrupt and want to just fill their pockets.
Exactly! so we don’t vote because all are corrupt and no one deserves to be there. If they give option of “none of the above”, I will be the first one to go and press that button.
And by voting and earning the right to complain is going to change anything?
There are numerous so called welfare schemes/freebies running in every state. I was amazed to realize this recently. Some make sense, most questionable, to the point people don’t want to do any work and live on these freebies. There is 2Rs rice, free meals, money for girl child born, cycle for everyone going high school, tv, dress and books for rural girl students, multiple schemes in tribal areas etc etc. So much for investing tax payers money for creating vote bank and opporunity for scam.
At some point the class of honest taxpayers need to ask for accountability.
“Honest taxpayers” are too busy paying taxes “honestly”. They don’t have time
We are good at launching and announcing new schemes for the welfare of society but extremely poor when it comes to implementation.
Recently UN or some international body said that India cannot grow unless they focus on water “management”. India is focusing on increasing the source of water but the underlying problem is with implementation and management of distribution of water. How true! but we just ignore it!
Some cities are trying to implement a few. For eg. in Bangalore if you buy a land and want to construct a house, to get water & electricity connection you need to have rain-water harvesting and solar installed.
I know but its nothing but a joke. My builder just to take the approval got the piping done and created a sump but they were not connected at completion and all rain water was going down the drain. It’s the water filter that costs the most, which no one puts and no govt body comes and checks if it is implemented properly or not.
Rain water harvesting just costs Rs. 15,000 and i don’t think that’s too much for the builder. One of my distant relatives installed it in his new house.
@Dip,
Many parties offer such schemes few months before elections and after that they forget it. Did you mention “money for girl child born” i am surprised, which state are you referring to? Still in many villages when a girl child is born she is killed. This Indian mentality has not changed for centuries, which is very sad and disturbing, When will people grow up.
Orissa it is. Actually most of the schemes are implemented and running fairly successfully. I am in doubt which is better: if the party promises before election and forgets or fulfils the promises. Barring a few essential schemes these freebies are not good for anyone. Serious wastage of taxpayer money.
@Dip,
That’s a very good move to promote for the well-being of the girl child, i think many states should follow suit. Its not only in villages but also in metros where the girl child is a victim. Recently there were two cases in Mumbai and Bangalore where the girl child was thrashed to death by parents.
Why blame the parties/govt when problem is with Indian mentality? It’s us who are giving them an opportunity to exploit.