gr8 ...its 7 Jan ...wow ..7 my fav no  means shuruaat to achi ho hi jayegi ...baad ka baad me dekhnege

hello everyone ..I hope everyone is prepared . let's start with the basic concepts ....

Income Tax act came into force on and from 1apr 1962.  According to Section 2 Assessment year means the period starting from Apr1 and ending on March 31 of the next year . Section 3 defines Previous year as  the year in which Income is earned.

Basic exemption Limit

general                                                    Rs180000

Women                                                   Rs 190000

Senior citizen 60-80years                   Rs 250000

Senior citizen 80years & above          Rs 500000

Then afterwards :-

Basic exemption to Rs500,000              10 %

500,001 to 800,000                                    20 %

Above 800,000                                            30 %

cess                                                             3 %