Income Tax new Slabs FY 2010 - 2011

Income Tax new Slabs FY 2010 – 2011

I know it’s some what late to write a post on new tax slabs of FY 2010 - 2011. But I am giving here the details of the slabs so that it would be easy to refer for the regular readers.

The finance minister’s announcement on new slabs for FY 2010 – 2011 in Feb brought much delight of middle class people. It would save nearly Rs 50,000 to some salaried classes. I will post an example calculation in a new post.

Your income - Tax liability(%)

General:

Rs 0 - 1,60,000 - Nill

Rs. 1,60,001 – Rs. 5,00,000 - 10%

Rs. 5,00,001 – Rs. 8,00,000 - 20%

Above Rs. 8,00,000 - 30%

Women:

Rs 0 - 1,90,000 - Nill

Rs. 1,90,001 – Rs. 5,00,000 - 10%

Rs. 5,00,001 – Rs. 8,00,000 - 20%

Above Rs. 8,00,000 - 30%

Senior citizen (65 years or above):

Rs 0 - 2,40,000 - Nill

Rs. 2,40,001 – Rs. 5,00,000 - 10%

Rs. 5,00,001 – Rs. 8,00,000 - 20%

Above Rs. 8,00,000 - 30%

Rs. 20,000 tax exemption will be provided for investments in long term infrastructure investment bonds. This is in addition to the already allowed exemption of Rs. 1,00,000 under section 80 ( c ).

Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS).

Please visit the below link for FY 2009 – 2010 tax slabs.

FY 2009 – 2010 tax rates