8 Simple Ways to Save Your Taxes
B. In Case of Senior Citizens (Age above 60 years but below 80 years):
Income Bracket 0 to 2,50,000 - Rate 0 percent
Income Bracket 2,50,001 to 5,00,000 - Rate 10 percent
Income Bracket 5,00,001 to 10,00,000 - Rate 20 percent
Income Bracket Above 10,00,000 - Rate 30 percent
C. In Case of Very Senior Citizens (Age 80 years and above):
Income Bracket 0 to 5,00,000 - Rate 0 percent
Income Bracket 5,00,001 to 10,00,000 - Rate 20 percent
Income Bracket Above 10,00,000 - Rate 30 percent
* On final tax amount, a surcharge of 3 percent
**No surcharge above 10 lacs.
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Wages and allowances
It includes all monthly remuneration paid by your employer like base salary, bonus, house rent allowance, conveyance allowance, etc.
Perquisites
It includes all benefits provided by your employer company leased accommodation, car, free education, etc.
Profit in lieu of salary
It includes non-recurring, one-time payments made by your employer e.g. joining bonus, compensation for termination of employment or modification in the terms of employment etc.
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