Understanding Tax has been uploaded for the edcuational purpose of VUIA members

1. Understanding Tax!

3. Rates – Ready Reckoner! Rate Others Women < 65 Senior Citizens Up to 1,50,000 - - - 1,50,001 to 1,80,000 10% - - 1,80,001 to 2,25,000 10% 10% - 2,25,001 to 3,00,000 10% 10% 10% 3,00,001 to 5,00,000 20% 20% 20% 5,00,001 & above 30% 30% 30% 10,00,001 & above 10% Surcharge on Tax Education Cess 2% Education Cess on( Tax + SC)

4. Tax, Tax and more tax!! 20% 30% 10% 0 0 1,50,000 15,000 3,00,000 55,000 5,00,000 2,05,000 10,00,000 Tax Liability Income

5. Tax & Planning

14. What is the Tax liability if Total Income is Rs.300,000 (for Male assessee < 65) Test Yourself! i Rs.15,000 ii Rs.13,330 iii Rs.13,707 iv Rs.15,450

15. Fixed Deposit in Banks must be for ___ years to be eligible for Section 80C? Test Yourself! i 3 ii 5 iii 2 iv No specifications

16. What is the Tax liability if Total Income is Rs.180,000 (for Female assessee < 65) Test Yourself! i Rs.15,000 ii Rs.1,030 iii NIL iv Rs.15,450

17. What is the maximum limit under Section 80E? Test Yourself! i Rs.15,000 ii Rs.5,000 iii Rs.20,000 iv None

18. What is the Tax liability if Total Income is Rs.500,000 (for Male Assessee < 65) Test Yourself! i Rs.56,650 ii Rs.77,250 iii Rs.75,000 iv Rs.50,600

19. Plan Ahead! Have A Non ‘Tax’ing Year!!