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INTRODUCTION OF TAX
SECTIONS UNDER IT ACT 1961
&
TAX SLABS
Submitted by:
SANDEEP SHEKHAR
AMITY BUSINESS SCHOOL
MBA (M&S)
WHAT IS TAX ?
• A tax is a compulsory financial charge or some other type of
levy imposed upon a taxpayer by a governmental
organization in order to fund various public expenditures.
• Tax is defined as a compulsory contribution levied on
persons, property, or businesses for the support of
government for economic and social operations. In other
words, it is money paid to a government to fund its
programs and services.
INCOME TAX SLABS
(GENERAL CATEGORY)
Individuals Below The Age Of
Income Tax Slab
60 Years
Up to 2,50,000 Nil
2,50,001 to 5,00,000 5%
• Tax rates and slabs are same for Male and Female as per
above table
INCOME TAX SLABS
(SENIOR CITIZENS AGED 60 BUT LESS
THAN 80 YEAR)
Up to 5,00,000 Nil
1 For Self and family INR 25,000 INR 5,000 INR 25,000
INR (25,000 +
For Self and family
2 25,000) = INR INR 5,000 INR 50,000
including parents
50,000