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Income Tax Rates 2010-11
02-26-2010, 08:02 PM
Post: #1
Income Tax Rates 2010-11
INCOME TAX SLABS - UNION BUDGET & FINANCE BILL 2010-11
• 10 % ON INCOME ABOVE RS 1.6 LAKH TO 5.00 LAKH (INSTEAD OF UPTO 3 LAKHS LAST YEAR)
• 20 % ON INCOME ABOVE 5.OO LAKH TO 8.00 LAKH (INSTEAD OF UPTO 5 LAKHS LAST YEAR),
• 30 % ON ABOVE RS. 8.00 LAKH (INSTEAD OF ABOVE 5 LAKHS LAST YEAR),
• EXEMPTION LIMIT FOR INCOME TAX FOR WOMEN BELOW “ONE LAKH NINETY THOUSAND RUPEES” RS 1,90,000
• EXEMPTION LIMIT FOR INCOME TAX FOR SENIOR CITIZENS (AGE OF SIXTY-FIVE YEARS OR MORE) “TWO LAKH FORTY THOUSAND RUPEES” RS 2, 40, 000
DEDUCTION UPTO 1.00 LAKH OF SAVINGS WITH ADDITIONAL DEDUCTION OF RS. 20,000 FOR INVESTMENT IN INFRASTRUCTURE BONDS

NOTE: The existing limit of Rs 1 lakh on tax saving has been raised by an additional amount of Rs. 20,000 for investment in long term infrastructure bonds as notified by the central government.
Contributions to the Central Government Health Scheme have also been allowed as deductions within the overall ceiling for tax rebate, besides contributions to health insurance schemes which are currently allowed as deductions under the Income Tax Act.
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02-26-2010, 11:44 PM
Post: #2
RE: Substantial Increase to Individual Tax Payer

EXEMPTION LIMITED IN RESPECT OF WOMEN AND SENIOR CITIZENS

10.(b)(iii)

Provided that in the case of every woman, resident in India and below the age of sixty-five years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “one lakh ninety thousand rupees” had been substituted:

Provided further that in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the provisions of this sub-section shall have effect as if for the words “one lakh sixty thousand rupees”, the words “two lakh forty thousand rupees” had been substituted.



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