World Of Finance

        World of Finance by M.Vijaya Sai Income Tax Act  has categorized all Income Tax Payers (Individuals) into 3 different types:   Male taxpayers    Female taxpayers   Senior citizens   Income tax rates for Male Tax payers Annual Income Income Tax rates for FY 2009-10 Up to 160000 Nil 160000 – 300000 10% 300000 – 500000 20% 500000 and above 30% Now, let us see the method of calculating income tax in detail with few examples:   Example 1:  Mr. Rahul is 35 year old and earning 8 lac annually. Calculation Heads % of Income Tax Tax Amount Tax on Income up to 160000 Nil Nil Tax on Income between 160000-300000 10% 1

        World of Finance by M.Vijaya Sai Reserve Bank of India (RBI) is the central bank of the country. It was established in April 1935 with a share capital of Rs. 5 crores on the basis of the recommendations of the Hilton Young Commission. The share capital was divided into shares of Rs. 100 each fully paid which was entirely owned by private shareholders in the beginning. The Government held shares of nominal value of Rs. 2, 20,000. RBI was nationalized in the year 1949. The general superintendence and direction of the Bank is entrusted to Central Board of Directors comprising of 20 members, the Governor and four Deputy Governors, one Government official from the Ministry of Finance , ten nominated Directors by the Government to give representation to important factors in the economic life of the country, and four nominated Directors by the Central Government to represent the four local Boards with the headquarters at Mumbai, Kolkata, Chennai and