Income Tax benefit from this Year

 

For 2007-2008 Let us take a case where the assessee's income is Rs. 6,00,000.

• According to the Income Tax Slab, the first 1,10,000 is not taxable.
• The next Rs. 40,000 (1,50,000-1,00,000) is taxable @10%. So 10% of Rs. 40,000 is Rs. 4,000/-
• The next 1,00,000 (2,50,000-1,50,000) is taxable @20% .So for 1,00,000 it is Rs 20,000/-
• The remaining Rs.3,50,000 (6,00,000-2,50,000) @ 30%.So it will be Rs 1,05,000/-
• Therefore, the net Income Tax Payable is Rs. 4,000 + Rs. 20,000 + Rs. 1,05,000 i.e Rs 1,29,000/-+Education Cess Extra

For 2008-2009 Let us take a case where the assessee's income is Rs. 6,00,000.

• According to the Income Tax Slab, the first 1,50,000 is not taxable.
• The next 1,50,000 (1,50,000-3,00,000) is taxable @10%.So 10% of 1,50,000 is Rs 15,000/-
• The next 2,00,000 (5,00,000-3,00,000) is taxable @20%.So 20% of 2,00,000 is Rs 40,000/-
• The remaining 1,00,000 (6,00,000-5,00,000) is taxable @30%.So 30% of 1,00,000 is Rs 30,000/-
• Therefore, the net Income Tax Payable is Rs. 15,000 + Rs. 40,000 + Rs. 30,000 i.e Rs85,000/-+Education Cess Extra

So the benefit from this Budget for 6 lakhs salary individual is Rs 1,29,000- Rs85,000 i.e Rs 44,000/-

Let's Beware of Frauds!

At ICICI Bank, we are committed to making your banking with us a wonderful and worry-free experience. Here are a few simple tips that you should follow to protect your money.

1. Never access the Bank's website through a link forwarded to you in e-mails. Always TYPE www.icicibank.com into your browser.
2. NEVER share or disclose your user ID, passwords, account number or mother's maiden name since such information is used to verify your identity and process your transactions.
3. If you receive an e-mail that appears to have been sent from ICICI Bank claiming to confirm, renew or validate your account details or card details, do not respond or enter any information in the website. We will never ask you for information about your account or card, personal details, your password or PIN.
4. Do not part with your money for free gifts, job offers, lottery winnings or inheritance claims offered through e-mails from strangers. Please forward such e-mails to us at executivedirector@icicibank.com for investigation.
5. Do not click any link or open the attachment in an e-mail received from an unknown sender. Please forward the e-mail to us immediately at executivedirector@icicibank.com.
6. Keep your PC updated with the latest security measures, such as anti-virus/anti-spyware software.
7. Register for mobile alerts and e-mail alerts. They are a safe way to know, immediately, about transactions in your account.
8. If you notice an unauthorized transaction in your bank account or card account, please inform us immediately by calling us at our 24-hour Customer Care, or contact us through the "E-mail Us" option at our website, www.icicibank.com.
9. Do not fall prey to scamsters. For more tips and insights into frauds, we recommend that you visit "Safe Banking" at www.icicibank.com.