Union Budget 2010 has reduced the tax liability of individual income tax payers by broadening the tax slabs.
The basic exemption limit remains same. Income tax rates also remain unchanged but the tax slabs have been widened. Finally, the education cess of 3% is retained.
The new / revised tax slabs / rates applicable to individual tax payers for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are as follows:
Latest / Revised Income Tax Slabs / Rates for FY 2010-11
New IT Slabs/ Rates for Resident Senior Citizens (FY 2010-11):
Up to Rs 2,40,000-----------------> No tax / exempt
2,40,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,000-------------> 20%
Above 8,00,000-------------------> 30%
New IT Slabs / Rates for Resident Women (below the age of 65 years) (FY 2010-11):
Up to Rs 1,90,000-----------------> No tax / exempt
1,90,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,00--------------> 20%
Above 8,00,000------------------> 30%
New IT Slabs / Rates for Other Individuals (FY 2010-11):
Up to Rs 1,60,000 ------------------> No tax / exempt
1,60,001 to 5,00,000---------------> 10%
5,00,001 to 8,00,000--------------> 20%
Above 8,00,000--------------------> 30%
Also see:
1. Tax Rates / Slabs FY 2009-10
2. DTC Tax Rates / Slabs
The basic exemption limit remains same. Income tax rates also remain unchanged but the tax slabs have been widened. Finally, the education cess of 3% is retained.
The new / revised tax slabs / rates applicable to individual tax payers for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are as follows:
Latest / Revised Income Tax Slabs / Rates for FY 2010-11
New IT Slabs/ Rates for Resident Senior Citizens (FY 2010-11):
Up to Rs 2,40,000-----------------> No tax / exempt
2,40,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,000-------------> 20%
Above 8,00,000-------------------> 30%
New IT Slabs / Rates for Resident Women (below the age of 65 years) (FY 2010-11):
Up to Rs 1,90,000-----------------> No tax / exempt
1,90,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,00--------------> 20%
Above 8,00,000------------------> 30%
New IT Slabs / Rates for Other Individuals (FY 2010-11):
Up to Rs 1,60,000 ------------------> No tax / exempt
1,60,001 to 5,00,000---------------> 10%
5,00,001 to 8,00,000--------------> 20%
Above 8,00,000--------------------> 30%
Also see:
1. Tax Rates / Slabs FY 2009-10
2. DTC Tax Rates / Slabs
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