Tax for employees....

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Good newws for All


Please find below the tax rates for FY 2008-09 as notified in Budget:

TAX RATES FOR FY- 2008-09 FOR MALE ASSESSE
Net Income Range -----------------Income Tax Rates

Upto Rs. 1,50,000-------------------NIL

Rs.1,50,000 to Rs.3,00,000 ------10% of Total Income(-)Rs.1,50,000

Rs.3,00,000 to Rs.5,00,000-------Rs. 15,000+20% of Total Income(-)Rs.3,00,000

Rs.5.00,000 to Rs 10,00,000-----Rs. 55,000+30% of Total Income(-)Rs.5,00,000

Above Rs.10,00,000--------------- Rs.2,05,000+30% of total Income(-)10,00,000

TAX RATES FOR FY- 2008-09 FOR FEMALE ASSESSE

Net Income Range -----------------Income Tax Rates

Upto Rs. 1,80,000-------------------NIL

Rs.1,80,000 to Rs.3,00,000 ------10% of Total Income(-)Rs.1,80,000

Rs.3,00,000 to Rs.5,00,000-------Rs. 12,000+20% of Total Income(-)Rs.3,00,000

Rs.5.00,000 to Rs 10,00,000-----Rs. 52,000+30% of Total Income(-)Rs.5,00,000

Above Rs.10,00,000--------------- Rs.2,02,000+30% of total Income(-)10,00,000

Surcharge is 10% of Income Tax if net income is more than Rs.10,00,000

Education Cess is 3% of income tax from all Assesse.

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Q; WHAT ARE YOU DOING DEAR XYZ
A;BUSINESS
TAX; PAY PROFESSIONAL TAX

Q WHAT ARE YOU DOING IN BUSINESS
A;SELLING GOODS
TAX; PAYSALES TAX

Q FROM WHERE ARE YOU GETTING THE GOODS?
A; FROM OTHER STATES/ABROAD
TAX; PAY CENTRAL SALES TAX CUSTOMS DUTY AND OCTROI

QWHAT ARE YOU GETTING IN SELLING THE GOODS?
A; PROFIT
TAX; PAY INCOME TAX.

HOW DO YOU DISTRIBUTE THE PROFITS?
A; BY WAY OF DIVIDENDS
TAX; PAY DIVIDEND DISTRIBUTION TAX

Q; WHERE ARE YOU MANUFACTURING THE GOODS
A; FACTORY
TAX; pAY EXCISE DUTY

Q ; DOYOU HAVE OFFICE/WAREHOUSE/FACTORY?
A; YES
TAX ; PAY MUNICIPAL AND FIRE TAX

Q; DO YOU HAVE STAFF?
A; YES
TAX; PAY STAFF PROFESSIONAL TAX.

Q; DOING BUSINESS IN MILLIONS?
A; YES
TAX; PAY TURNOVER TAX.
A; NO
TAX; THEN PAY MINIMUM ALTERNATE TAX.

Q; ARE YOU WITHDRAWING OVER RS 25000 CASH FROM BANK?
A; YES FOR SALARY.
TAX; PAY CASH HANDLING TAX.

Q; WHERE ARE YOU TAKING YOUR CLIENT FOR LUNCH AND
DINNER?
A; HOTEL.
TAX; PAY FOOD AND ENTERTAINMENT TAX.

Q; AREYOU GOING OUT OF STATION FOR BUSINESS?
A; YES
TAX; PAY FRINGE BENEFIT TAX.

Q; HAVE YOU TAKEN OR GIVEN ANY SERVICE(S)
A; YES
Q; PAY SERVICE TAX.

Q; HOW COME YOU GOT SUCH A BIG AMOUNT?
A; GIFT ON BIRTHDAY.
TAX; PAY GIFT TAX..

Q; DO YOU HAVE ANY WEALTH?
A; YES
TAX; PAY WEALTH TAX.

Q; TO REDUCE TENSION FOR ENTERTAINMENT, WHERE ARE YOU
GOING?
A; CINEMA OR RESORT.
TAX; PAY ENTERTAINMENT TAX.

Q; HAVE YOU PURCHASED A HOUSE?
A; YES
TAX; PAY STAMP DUTY AND REGISTRATION FEE.

Q; HOW DO YOU TRAVEL?
A; BY BUS
TAX; PAY SURCHARGE.

Q; ANY ADDITIONAL TAX?
A; YES.
TAX; PAY EDUCATIONAL, ADDITIONAL EDUCATIONAL & SURCHARGE
ON ALL THE CENTRAL GOVT'S TAX.

Q; DELAYED ANYTIME PAYING TAX?
A; YES.
TAX; PAY INTEREST AND PENALTY.

[vidhur]

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