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Income Tax Slab: New Tax Slab for 2014-15 for Senior Citizens are as below
| Income Range | Citizen above 60 years of age |
| Rs. 2.5 Lakh | Nil |
| Rs. 250001 to Rs. 300000 | Nil |
|
Rs. 250001 to Rs. 500000
|
10% |
|
Rs. 500001 to Rs. 1000000
|
20% |
| Above Rs. 1000000 | 30% |
Today, every person is worried about saving income tax, by making the right tax saving investment within the last 2 months of the financial year. As per the income tax act established in 1961, every person in India whose annual income crosses the maximum exemption limit will have to pay income tax. Every person has to pay income tax to state and central government.
There are two types of income tax:
- Direct Tax: Direct tax is a tax that is directly collected from the tax payer. For instance: wealth tax, income tax etc.
- Indirect Tax: Indirect tax is paid by the third party i.e. VAT tax, service tax. Service tax is mainly charged to the individual. For example, if an item price is Rs 150, then its last price would be Rs 110 after VAT and this extra price of Rs10 will be paid by the individual person.
Tips to save your tax:
1. Insurance: Buy an insurance plan to save income tax.
2. House rent: If you are staying on rent then, you can add the rent to take the rebate on income tax.
3. Travelling expenses: If you are using your own vehicle, then you can show the travelling expenses to take the rebate on income tax.
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