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After all the festivities, laughter, and gift giving for the holidays, giggles and grins quickly meld into groans and glowers as Tax Preparation Season rears its ugly take care of. From January 15th until April 15th, Americans fuss and fume about our increasing income taxes. Nevertheless, in an odd sort of way, some must love the gloom since they'll file for an extension, prolonging the agony of the inevitable.

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What is the rate? At the rate or rates enacted by Central Act for every single Assessment 12 month. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to the tax payer.

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