Income- tax provisions for the Financial Year ending 31st March, 2007.Tax Slabs. You can refer table to check applicable slab to you and plan your savings accordingly.
|Net income range||Income-tax rates||Sur-charge||Education Cess|
|Upto Rs. 1,00,000||Nil||Nil||Nil|
|Rs.1,00,000 to Rs.1,50,000||10% of (total income minus Rs.1,00,000)||Nil||2% of income-tax.|
|Rs.1,50,000 to Rs.2,50,000||Rs.5,000 + 20% of (total income minus Rs.1,50,000)||Nil||2% of income-tax.|
|Rs.2,50,000 to Rs.10,00,000||Rs.25,000 + 30% of (total income minus Rs.2,50,000)||Nil||2% of income-tax.|
|Above Rs.10,00,000||Rs.2,50,000 + 30% of (total income minus Rs.10,00,000)||10% of income-tax.||2% of income-tax and sur-charge.|
Exemption of Life Insurance Proceeds. Under Sec.10(10D) of Income Tax Act.
-Maturity benefits are tax free. However in cases where premium exceeds 20% of capital sum assured within a year, benefits paid in excess of premiums paid will be taxable.
-Death benefits are tax-free.
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