(a) 10 per cent tax on income of Rs 1.6 lakh-5 lakh
(b) 20 per cent on Rs 5 lakh-8 lakh
(c) 30 per cent on over Rs 8 lakh in a year.
However good times are going to come as government has proposed a substantial widening of the tax base and same is as appended below:
(a) 10 per cent tax on income of Rs 1.6 lakh-Rs 10 lakh
(b) 20 per cent on income of Rs 10 lakh-25 lakh
(c) 30 per cent beyond Rs 25 lakh in a year.
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