Where Total Income Does not Exceed Rs 100,000:

Monday, January 6, 2014

Where Total Income Does not Exceed Rs 100,000:

i) income tax at 10% will be charged on the total income excluding income mentioned in para 5 above; ii)A tax credit of Rs. 5,500 in the case of working women and Rs, 5000 in the case of other salaried tax-payers is allowed if the income under the heading "Salary" exceeds 50% of the total income.In other cases,tax credit is allowed at Rs. 4,000; iii)Special Tax Rebate at 25% of the tax payable is allowed in the case of tax-payers of the age of 65 years or above.The age qualifying for STR will be counted from the first day of July ,1994.This rebate will be in addition to other allowances admissible under the law. iv)Presently, no tax rebate for investment in certificates and shares , contributions made towards provident fund,premium paid in respect of life insurance and the amount spent on the purchase of books, etc is admissible in any case.

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