Companies The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill.
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, Income Slabs, tax Rates.Sums received either on death of the insured or on maturity of Life insurance plans. .the Surcharge @ 12 for the FY 2015-16 or AS 2016-17 will be payable if the income is above Rs 1 crores). .The contents of this circular may be brought to the notice of the branches of your bank operating the PPF 1968, scss 2004, Kisan Vikas Patra Sukanya Samriddhi Account Schemes.This rate will continue to be the same as that specified for the financial year.Where the total income exceeds.10,00, thus, we can say :-, the basic exemption limit for individuals (i.e.1 Crore 30/18.5.1 Crore and up.10 Crore 30/18.5 5.10 Crore 30/18.5 10 3 also read).Rs.3,00,000 for Senior citizens,.2,50,000/- for resident individuals.No marginal relief shall be available in respect of such Cess.The following incomes which are tax free :- (a) Interest on EPF / GPF / PPF (b) Interest on GOI Tax Free Bonds / Tax Free Bonds issued with specific stipulation to this effect (c) Dividends on Shares and Mutual Funds. .However there is no benefit available on the repayment of principal amount of the loan. .Note prior to 1st April 2009, premium payment was required to be paid only by cheque. .Check: Top Budget Graphics.Rate of Interest.e.f.If the rent is lesser than the loan interest, it will lower your overall tax liability.Of such income-tax in case of a cooperative society having a total income exceeding one crore rupees.The proceeds of the sale of the capital asset can be parked in the fixed deposit scheme under the Capgains Plus plan at an interest rate marginally higher than what bonds under Section 54 EC ruffled feathers would fetch.The Income Tax laws provides for taxes on long-term capital gains at 20 per cent for individuals and foreign firms and 30 per cent for domestic companies.
For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D. .
Income Range, general (non-senior citizens) Category, women (Below 60 years of age) (This category is abolished from this year and is thus is same as that of General Category.