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30 March, 2011

Know about Commoly used IT related terms

know about the following 13 commonly used IT related terms.
1.Union budget, 2.Assessee, 3.Persons liable to pay income tax, 4.Assessment year, 5.Previous year, 6.Residential status, 7.Income liable to Tax, 8.Income not liable to tax, 9.Heads of income, 10.Total or taxable income, 11.Agricultural Income, 12.Self assessment tax, 13.Income Tax ruturn

CategoryNil rate10% rate20% rate30% rate
MalesUpto Rs. 1, 80, 000 Rs. 1, 80, 000 toRs. 5, 00, 000 Rs. 5, 00, 000 toRs. 8, 00, 000 Rs. 8, 00, 000 and above
FemalesUpto Rs. 1, 90, 000 Rs. 1, 90, 000 toRs. 5 , 00, 000 Rs. 5, 00, 000 toRs. 8, 00, 000 Rs. 8, 00, 000 and above
Senior citizensUpto Rs. 2, 50, 000 Rs. 2, 50, 000 toRs. 5, 00, 000 Rs. 5, 00, 000 toRs. 8, 00, 000 Rs. 8, 00, 000 and above
Very senior citizensUpto Rs. 5, 00, 000- Rs. 5, 00, 000 toRs. 8, 00, 000 Rs. 8, 00, 000 and above

Added to it, the taxability of a person will also be affected by education cess and secondary and higher education cess @ 2% and 1%, respectively.

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