Need information about Income Tax and filing IT Returns?

POSTED BY [email protected] ON March 10, 2012 3:57 pm COMMENTS (7)

Hi

I need information about Income Tax.
Is there any minimum salary after which an employee has to pay Income Tax ?
What is IT Return ?
Is it necessary to file IT Return?

Please provide other related information about IT as well. I am new to Financial world.

7 replies on this article “Need information about Income Tax and filing IT Returns?”

  1. AB says:

    Couldnt find any article that could answer these basic questions. Do share the link if you find any.

    1. Dear AB, please tell your age & Sex. To get the answers. Please do not take it otherwise. There are different rules for different ages & sex.

      Thanks

      Ashal

        1. Dear AB, As you are aged 25 & male, here is the tax details for you.

          Upto 1.8L Rs. no tax for you.

          From 1.8L Rs. to 5L Rs. 10.3% is the tax rate on the income.
          From 5L to 8L Rs. 20.6% is the tax rate.
          From 8L above, it’s 30.9%

          Apart from this, there are tax saving benefits available to you if you do invest in certain instruments/expenses like Employer PF, PPF, NSC, 5Y Bank Tax Saving FD, Tax saver MFs, Life Insurance Prem., Tuition fee paid in a school for education of dependent children, principal repayment for a home loan These & some more are covered under section 80C but the combined limit is just 1L Rs.

          Another 20K can be invested in Infrastructure Bonds.

          Then 15K for mediclaim prem. for self & family.

          Then another 15K (20K if age of one of the parent is more than 60) for parent’s mediclaim prem.

          One final word – the tax slabs as mentioned above are valid for current FY. After the budget, the same may be changed for next FY i.e. 2012-2013.

          Thanks

          Ashal

      1. AB says:

        Thanks Karthik

  2. Dear AB, Please read some of the old articles on http://www.jagoinvestor.com & come back here with your new set of questions. I hope you ‘ll get answer for your basic questions from those articles.

    Thanks

    Ashal

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