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
| Category | Nil rate | 10% rate | 20% rate | 30% rate |
| Males | Upto 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 |
| Females | Upto 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 citizens | Upto 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 citizens | Upto 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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