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Income Tax slabs

Dear Friends


I have proposed budget proposal for Income Tax Slabs on Zee Business programme on Feb 15, 2008.

If you like my budget proposal then please vote for me, my code is E, to vote me type IBIBO E send 57575 or vote here: http://polls.ibibo.com/pollpagewidget.aspx?PollId=be1c29d9-49da-4465-a0c0-a175fa357e65

Please watch Zee News & Zee Business at 6:30 Pm and 9:30 Pm for the programme and Vote for the contestant who presented best.

INCOME TAX SLABS

In India, Individual income tax is a progressive tax with three slabs.

Taxable income slab (Rs.) General Women Senior Citizen
Up to 1,50,000 Nil Nil Nil
1,50,000 – 2,00,000 10% 10%(above 1,75,000) Nil
2,00,001 – 2,50,000 20% 20% Nil
2,50,001 — 10,00,000 30% 30% 30%
10,00,00 upwards 30% 30% 30%**

** Surcharge of 10 % of the total tax liability should be applicable where the total income exceeds Rs 1,000,000.Presently all taxes in India are subject to an education cess, which is 3% of the total tax payable, and propose to increase education cess 3% to 4 %.


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10 Responses

  1. Service_to_all says:

    Hello,

    There is no point in just increasing the edu. cess. This educational cess does not seem to be going to the education subsidy, but misused.

    It would be ideal if, the cess is directly paid by the assessee to Govt. and Govt. aided schools, and a certificate issued by the school, which can be claimed at the time of filing the returns. By this the public who pay the cess can atleast to some extent ensure that educational cess is going for the right purpose.

    Regards,
    SERVICE TO ALL

  2. admin says:

    Edited the post to give tabular form to the data.

    Best of luck

  3. jmalhotra says:

    jmalhotra

    it is a welcome suggestion to increase education cess from 3 to 4 percent..as it might help in improving the system in a better way..

  4. veerugcet says:

    Dear

    Thanks for your opinion

    pls watch final programme today 22 feb at 9:30 on Zee Busniess

  5. veerugcet says:

    Dear Admin

    Thanks for your support now it very good in look and to understand

    Regards

  6. veerugcet says:

    This is your own opinion thats education cess fund is misused, for your information I have proposed teacher student raitio in my budget speech and thats amount will used for that pusrpose.

    In elemementry and secondary education one teacher will be compulsory on each 25 students

    pls see the programme

  7. Service_to_all says:

    Hello,

    I dont think you have seen my point. Just like donations which are paid and claimed as rebate under 80g, while filing tax returns with proper certificate from the recipient of the donations, similarly, the edu-cess can also be paid directly to Govt. / Govt. aided schools who can issue the necessary receipt, which can be submitted while filing the returns. This is not removal of edu-cess but channelising the cess and preventing mis-appropriation.

    I have not mentioned that edu-cess should not be there, but recommended a modification in payment process.

    Regards,
    SERVICE TO ALL

  8. nishunishaa says:

    education is a must…good we are thinking abt it…

  9. veerugcet says:

    Pls watch final on Zee business at 9:30 Pm where I have given more stress on eductaion

  10. veerugcet says:

    I think we should be table dicussion on this topic

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