What is Income Tax……??? In Simple terms, Income Tax is the Tax levied on the income of individuals and business. Everybody those who are earning an income of more than 160000 are suppose to pay income tax to Government of India. In every budget our finance minister will announce new Tax slabs/rates. In budget 2010-2011, finance minister Pranab Mukherjee announced the new Tax Rates. According to the new tax rates many people have got relief in Tax.
People know what is income Tax but most of the times they are confused, how is the calculation is done…..??? IndianMoney.com is taking an initiative to make people aware of the calculation of Income Tax by taking the new tax rates into consideration.
Source: http://indianmoney.com/money-gyan-articles.php?cat_id=1&sub_id=110&aid=916&acat=&page_id=3&ahead=How%20Much%20You%20are%20going%20to%20Save%20as%20per%20the%20New%20Tax%20Rates%20(FY%202010-11).....???&subcat=2
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