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Now tax starts from 5 lac p.a.? (FOR INDIANS)

Discussion in 'Payment Processing' started by itismine, Feb 27, 2010.

  1. #1
    Is it correct??
     
    itismine, Feb 27, 2010 IP
  2. Freelance_rkm

    Freelance_rkm Peon

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    #2
    What is this?
     
    Freelance_rkm, Feb 27, 2010 IP
  3. gauravgrt

    gauravgrt Peon

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    #3
    not it is false, the tax slab upto 5 lacs is 10%.
     
    gauravgrt, Feb 27, 2010 IP
  4. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #4
    Nope. Its something like 1.6 lacs to 5 lacs its 10% and 5 lacs to 8 lacs its 20%.

    DON.
     
    deluxdon, Feb 27, 2010 IP
  5. Irfi0009

    Irfi0009 Banned

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    #5
    I have no idea about that RBI will recover tax on income which will come from via paypal, picture will be cleared on 1st March, have patience and see the how paypal play game.

     
    Irfi0009, Feb 27, 2010 IP
  6. itismine

    itismine Active Member

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    #6
    This is what I was asking for !:D

    Many thanks to both of you......
     
    itismine, Feb 27, 2010 IP
  7. abiji

    abiji Active Member

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    #7
    Though they have increased the tax slab, my friend (hes a CA) was telling that there is some changes in Direct and In-Direct Taxes too which can effect the final TAX amount you pay.
     
    abiji, Feb 27, 2010 IP
  8. Freelance_rkm

    Freelance_rkm Peon

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    #8
    You are suppose to pay taxes if your income reaches the limit of taxable income irrespective of its sources. e.g. for indian male below 60 yrs, the tax level starts at INR 160,000. p.a.
     
    Freelance_rkm, Feb 27, 2010 IP
  9. Freelance_rkm

    Freelance_rkm Peon

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    #9
    Gave some wrong info. Pardon me :D
     
    Last edited: Feb 27, 2010
    Freelance_rkm, Feb 27, 2010 IP
  10. Axus Technologies Inc.

    Axus Technologies Inc. Peon

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    #10
    Yeah,
    1.6 lacs - 5 lacs : 10%
    5 lacs- 8lacs : 20%
    8 lacs above : 30%
     
    Axus Technologies Inc., Feb 27, 2010 IP
  11. itismine

    itismine Active Member

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    #11
    Does anybody pays 30% hard cash earnings to the government to fill their swiss bank accounts????
     
    itismine, Feb 27, 2010 IP
  12. PRGuy

    PRGuy Peon

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    #12
    Friend itismine,

    there are many many many guys are paying more than 30% taxes. That's why India Stands. Yeah Corruption is there but a good portion of the income is coming from direct Income Tax returns

    :)
     
    PRGuy, Feb 27, 2010 IP
  13. RightMan

    RightMan Notable Member

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    #13
    Many people do pay taxes at such rate... but only after deducting a huge amount from their income under various deductibles! Eventually, they end up paying lot less in percentage terms with respect to their actual income! :p

    Regards,

    RightMan
     
    RightMan, Feb 27, 2010 IP
  14. Lord_Priths

    Lord_Priths Member

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    #14
    I make around 2-3 lakhs pear year working online.So,do i have to pay taxes now?
     
    Lord_Priths, Feb 27, 2010 IP
  15. rathin

    rathin Peon

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    #15
    no just they allow 1.6 lac for non tax pay
     
    rathin, Feb 27, 2010 IP
  16. rathin

    rathin Peon

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    #16
    ya you have too contact your CA for this
     
    rathin, Feb 27, 2010 IP
  17. Lord_Priths

    Lord_Priths Member

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    #17
    I'm a student..So,i do not have a CA,Nor do i have any experience with taxes.
     
    Lord_Priths, Feb 27, 2010 IP
  18. rathin

    rathin Peon

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    #18
    Iam sure your dad may pay IT so just dicuss with them so they can help you in reducing the payment for IT
     
    rathin, Feb 27, 2010 IP
  19. mangobyte

    mangobyte Well-Known Member

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    #19
    This is the new income tax structure for Indians:

    For Males (below 60yrs): Taxable income is above 1 lac 60 thousand

    Income between Rs. 1,60,001 and 5,00,000 the tax percentage is just 10%
    Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20%
    Income above 8,00,000 the tax percentage is 30%


    For Females (below 60yrs): Taxable income is above 1 lac 90 thousand

    Income between Rs. 1,90,001 and 5,00,000 the tax percentage is just 10%
    Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20%
    Income above 8,00,000 the tax percentage is 30%

    For Senior Citizens (above 60 yrs): Taxable income is above 2 lac 40 thousand

    Income between Rs. 2,40,001 and 5,00,000 the tax percentage is just 10%
    Income between Rs. 5,00,001 and 8,00,000 the tax percentage is 20%
    Income above 8,00,000 the tax percentage is 30%


    All male individuals are liable for paying taxes if their annual salaried income (net profit in case of proprietary business) exceeds the value of 1 lac 60 thousands and all female individuals are liable for paying taxes if their annual salaried income (net profit in case of proprietary business) exceeds the value of 1 lac 90 thousands..

    Even if your net profit is less than this amount and gross income is above it, you should at least have to regularly file an IT return for that particular financial year..

    The above mentioned structure is proposed in current budget.. But for the last financial year the older rates will only be applicable..

    Just consult your CA or TAX Consultant for the same..
     
    Last edited: Feb 27, 2010
    mangobyte, Feb 27, 2010 IP
  20. Red_Virus

    Red_Virus Well-Known Member

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    #20
    I am filing my returns next week, let's see how much the C.A can help me.
     
    Red_Virus, Feb 27, 2010 IP