5. TYPES OF INCOMES A 1. Taxable income 2. Exempted incomes 3. Rebateable incomes u/s 86 B 1. Gross total income 2. Taxable/Total income ROUNDING OFF: OF INCOME u/s288A OF TAX u/s 288B
6. COMPUTATION OF TAX 1. INCOME FROM SALARIES XXXX 2. INCOME FROM HOUSE PROPERTY XXXX 3. INCOME FROM BUSINESS/PROFESSION XXXX 4. INCOME FROM CAPITAL GAINS XXXX 5. INCOME FROM OTHER SOURCES XXXX GROSS TOTAL INCOME XXXXX DEDUCTIONS U/S 80 XXX TAXABLE INCOME XXXXX
7. COMPUTATION OF TAX Tax on short term shares (STT) @ 10% XXX Tax on L.T Capital assets @ 20% XXX Tax on Casual Incomes @ 30% XXX Tax on other incomes ** XXX TOTAL TAX XXX LESS: Rebate u/s 88E XX TAX PAYABLE XXX ADD: surcharge @ 10% XXX ADD: Education cess @ 3% XXX TOTAL TAX XXX LESS: Tax Relief u/s 86-89 XXX Advance Tax /TDS paid if any XXX BALANCE OF TAX PAYABLE XXXX
8. TAX RATES for AY 08-09 MALE INCOME ( Rs. ) RATE O-1,10,000 nil 1,10,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% FEMALE O-1,45,000 nil 1,45,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% SENIOR CITIZEN O-1,95,000 nil 1,95,001--2,50,000 20% exceeding 2,50,000 30%
9. INCIDENCE OF TAX FOR DIFFERENT STATUS Not taxed Not taxed taxed Income earned & recd outside India from business/any other source Not taxed Not taxed Not taxed Income earned & recd outside India of earlier PYs but remitted to India in RPY Not taxed taxed taxed Income earned & recd outside India from a business (profess) set up/controlled in India taxed taxed taxed Income received in India taxed taxed taxed Income earned in India NR RNOR ROR INCOME