Tax Tips Guide ! Save Tax ! Help Filing Income Tax Returns

In India, as the financial year is closing down you need to file your Income Tax return. Its high time you should be aware of the Income tax slab (it was revised last year) for the assesment year 2009-2010.

1. Upto Rs 1.5 Lakh (Male)/ Rs 1.8 lakh (Female)/Up to 2,25,000 (Resident individual of 65 years or above) ----- Income Tax Rate (NILL).

2. Rs. 1,50,001 to Rs. 3,00,000 (Male)/ Rs 1,80,001 to Rs 3,00,000 (Female) ---- Income Tax Rate (10%)

3. Rs. 3,00,001 to Rs. 5,00,000 ---- Tax Rate (20%)

4. Rs. 5,00,001 and above ---- Income Tax Rate (30%)

You have to pay an additional surcharge of 10% of total tax liability, if you total income exceeds Rs 10 Lakhs.

* Agricultural Income is exempt from Income Tax. So, our farmers need not to pay any Income tax.
* Educational Cess - 3% of Income tax.

Once you are aware of total taxable Income then you can make use of the official Income tax calculator to find the exact amount of Income tax you need to pay.