Tax Rates for FY 2009-10

It's that time of the year once again. Everyone must be wondering what is their tax liability and be scampering to save money from being taxed. Let us start by knowing which tax bracket do we fall in for this year:

Here is a pictorial presentation of the different tax brackets [courtesy: Outlook Money]:

How to arrive at Taxable Income?

Taxable Income = Income from (Salary + House Property + Capital Gains + Business/Profession + Other Sources) - Deductions under (Section 80 C + Section 80 D)

My next post will be about the various tax saving investments under section 80 C.