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Friday, February 12, 2010

INCOME TAX FOR THE FINANCIAL YEAR 2009-2010


INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2009-2010 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
 
The  present  Circular issued by MOF Department of Revenue - Central Board of Direct Taxes contains the rates of deduction of income-tax from  the  payment of income chargeable under the head "Salaries"  during  the  financial year 2009-2010 and explains certain  related provisions of the Income-tax Act.
 
The taxable income commences from 1,60,001 for all employees excluding the women for whom the taxable income commences from 1,90,001 and for senior citizens it is starting from 2,40,001. The taxation for the income above the said limit is 10% up to 3,00,000. It will be 20% tax for income above 3,00,000 but below 5 lakhs and 30% for income above 5,00,000. In addition a 2% of Education Cess and 1% Higher Education Cess will be taxed for the taxable income. There will be no surcharge on income tax payments by individual taxpayers during Financial Year 2009-10.
 
Please download the circular by clicking on the link provided below for the full circular of the MOF:
--
K.Ragavendran
Secretary General NFPE

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