Tax liability

In the recent budget our finance minister have reduced taxes for the salaried class to great extend people working in IT and ITes sector in INDIA including Hyderabad - IT HUB of India and all major cities are relieved to great extend . Based on the new slabs announced by the finance minister if India , which have already published in my previous post the projections for the year 2008 to 2009 is given below .

Tax liability (Rs)(Projected)

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Taxable income (Rs) .............2007-08......................2008-09
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2,00,000............................14,420 ........................5,150

4,00,000............................71,070....................... 36,050

6,00,000 ...........................1,32,870..................... 87,550

8,00,000............................1,94,670.....................1,49,350

10,00,000..........................2,56,470.....................2,11,150

12,00,000...........................3,50,097.....................3,00,245

14,00,000...........................4,18,077....................3,68,225

16,00,000...........................4,86,057....................4,36,205

18,00,000...........................5,54,037....................5,04,185

20,00,000...........................6,22,017....................5,72,165

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Dont even want to pay this projected tax also then you must take advantage of 80c and invest in the fixed deposits , policies , etc which has been discribed in detail in my previous post .

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