Monday, February 28, 2011

Income Tax limits for Individuals for AY 2011 -2012


MALE

  1. upto 1,80,000 - Nil
  2. above 1,80,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%

WOMEN
  1. upto 1,90,000 - Nil
  2. above 1,90,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%

Senior Citizen(above 60 years)
  1. upto 2,50,000 - Nil
  2. above 2,50,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%
 * For senior citizens, the qualifying age is reduced to 60 years. 



Super Senior Citizen(above 80 years)

  1. upto 5,00,000 - Nil
  2. above 5,00,000 till 8,00,000 - 20%
  3. above 8,00,00 and above     - 30%
 
* For Citizens over 80 years the exemption limit is raised to Rs 5 lakh.

Thursday, February 10, 2011

Documents Required for Investing in Mutual Funds


Documents to be Submitted

1) Completed Application form of the respective Fund
2) Cheque in favour of the scheme you want to invest in
3) Copy of Pan card (self Attested)
4) ECS Auto debit form in case of SIP
5) KYC (Know your customer)Form, Compulsory for all Investors
     a) Photograph of the Investor
     b) Copy of Address Proof self attested (Passport,Ration Card,Electricity Bill etc)