Taxation

with focus on tax education

Tax slabs of salary income are proposed to be reduced from 17 to 5 in the finance bill 2012-13 which are as under:

1. Salary Income less than 400000 tax will be 0%

2. Salary Income exceeds 400000 but does not exceed 750000 tax will be 5% of amount exceeding 400000

3. Salary Income exceeds 750000 but does not exceed 1500000 tax will be 17500 + 10 % of amount exceeding 750000

4. Salary Income exceeds 1500000 but does not exceed 2500000 tax will be 92500 + 15% of amount exceeding 1500000

5. Salary Income exceeds 2500000 tax will be 242500 + 20% of amount exceeding 2500000.

posted @ 10:06 AM,

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