The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2014(Financial Year 2013-14)-Assessment Year 2014-15):

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Income Range
General (non-senior citizens) Category
Women (Below 60 years of age)
(This category is abolished from this year and is thus is same as that of  General Category
Senior Citizens (Men and Women above 60 years of age), but below 80 years
Upto Rs. 2,00,000
Nil
Nil
Nil
Rs. 2,00,001 to Rs. 2,50,000
10% *
10% *
Nil
Rs. 2,50,001 to Rs. 5,00,000
10% *
10% *
10% *
Rs. 5,00,001 to Rs. 10,00,000
20%
20%
20%
Above Rs. 10,00,000
30% **
30% **
30% **
Deductions from Taxable income
·         Section 80C- Under this Section, a deduction of upto Rs.1,00,000/- is allowed from Taxable Income in respect of the investments made in some specified schemes
Saving Scheme
Sec. under which Tax Benefit available
National Saving Certificates –  ( NSC scheme  )
Section 80C
·
Life Insurance Policies
Section 80C
Unit Linked Insurance Plan (ULIP)
Section 80C
Infrastructure Bonds
Section 80C
Contribution to EPF / GPF / Voluntary PF
Section 80C
Insurance Policies
Section 80C
ULIPS
Section 80C
Public Provident Fund (PPF)
Section 80C
NPS
Section 80C
Tuition Fees including admission fees or college fees paid for full time education of any two children of the assessee.
Section 80C
Repayment of Housing Loan (Principal)
Section 80C
Bank Fixed Deposits – 5 Years
Section 80C
Senior Citizens Savings Scheme 2004 (from financial year 2007-08)
Section 80C
Post Office Time Deposit Account (from financial 2007-08)
Section 80C
Equity Linked Saving Scheme (ELSS)
Section 80C
·         Deduction under Section 80 CCC- Under this section, the contributions by individuals towards “Pension” schemes of LIC or any othr Insurance company, is allowed as deduction of Rs.10,000/-
·         Deductions under section 80D- Basic Deduction under Section 80D,   Mediclaim premium paid for Self, Spouse or dependant children is allowed upto Rs 15,000.  In case any of the persons specified above is a senior citizen (i.e. 65 years or more as of end of the year) and Mediclaim insurance premium is also paid for such senior citizen, deduction amount is enhanced to Rs. 20,000.
·         Deduction Under Section 80E- Under this section, deduction is available for payment of interest on a loan taken for higher education from any financial institution or an approved charitable institution
·         Deduction under section 24 B- Under this section, interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable income upto Rs.1,50,000/- is deductible from income
TAX FREE INCOMES :
Some of the incomes are completely exempted from income tax and that too without any upper limit.   The following incomes which are tax free :-
(a) Interest on EPF / GPF / PPF
(b) Interest on GOI Tax Free Bonds / Tax Free Bonds issued with specific stipulation to this effect
(c) Dividends on Shares and Mutual Funds.  Dividend income from companies / Equity Oriented Mutual funds is completely exempt in the hands of investors.  Dividend is also tax free in the hands of investors in case of debt-oriented Mutual Fund schemes.
(d) Capital receipts from Life Insurance policies i.e. sums received either on death of the insured or on maturity of Life insurance plans.
e) Interest on Saving Bank accounts in banks upto Rs10,000/- per year (from FY 2012-13)
 (f) Long term capital gains on sale of  shares and equity mutual funds after 01/10/2004, if security transaction is paid / imposed on such transactions.
For any queries, you can contact Prof. Vipin Saboo at 9820779873
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Education Qualification: BMS- N M College (University Rank Holder) PGDBM- Sydenham College M Com- College topper Mr Vipin Saboo has been associated with the following institutes as a visiting faculty Lords college, Malad Patkar College, Goregoan Saraf college, Malad Dalmia college, Malad St Andrews College, Bandra Wilson College, Grant Road Thakur college, Kandivili L N College, Kandivili N K College, Malad Dhanukar College, Vile Parle St Xaviers College, Marine Lines Shroff College, Kandivili KES College, Khar Mr.Vipin Saboo also has more than 5 years of industry expertise with corporate like CRISIL, Motilal Oswal Investment Banking and Yes Bank. Mr. Saboo has also published a text book on Logistics and Supply Chain Management for TYBMS Students.
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