How is tax calculated in india
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Income tax in India is based on a person's total net yearly income, which is a person's total yearly income, minus savings and approved deductions. This income tax includes income made outside of India. Some types of taxable income are wages, capitol gains and income from a house property. An example of an approved deduction would be medical insurance premiums, interest from savings or college tuition.
Tax tables in India are referred to as "slabs." Tax slabs vary according to age and sex, and list the amount of tax due for a given age, sex and income level. For example, senior citizens are not required to pay as much income tax as someone in his twenties. Males pay more income tax than females.
For tax years 2009-2010 an education cess--the Indian term for "tax"--of 3 percent was assessed, in addition to the tax amount owed using the India tax slabs.
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