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New Income Tax Rate slabs for Individual, HUF, Women, Senior Citizen for A.Y. 2010-11 & F.Y. 2009-2010

Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday.

The current income tax exemption limit is Rs 1.5 lakh (Rs 150,000) for men, Rs 1.8 lakh (Rs 180,000) for women and Rs 2.25 lakh (Rs 225,000) for senior citizens.

Surcharge and Education Cess—

Levy of surcharge has been withdrawn for personal income tax payers . Earlier surcharge was levied at 10% having total income exceeding Rs. 10,00,000/- on such cases.

“Education Cess on Income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent respectively of income-tax.

Income tax slab tables for your quick reference

India Income tax slabs 2009-2010 for Men

Income tax slab (in Rs.) Tax
0 to 1,60,000 No tax
1,60,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

India Income tax slabs 2009-2010 for women

Income tax slab(in Rs.) Tax
0 to 1,90,000 No tax
1,90,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

India Income tax slabs 2009-2010 for Senior citizen

Income tax slab(in Rs.) Tax
0 to 2,40,000 No tax
2,40,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

The rates for persons not resident in India, including companies other than domestic companies,are the same. Basically, for corporate there are no tax rate changes and hence is at statuesque.

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0 Comments

  1. rajendra.kumar puri says:

    My Question
    I am a senior citizen,if I come to India and if my income is ten lakh a year in India,how much tax I have to pay

  2. S Sharma says:

    Please tell me sir

    i am 62 yrs old and i dont have any source of income
    my wife died this year and i have got Rs 24 lacs from her office (gratuity and CPF)

    Can i invest all this amount in FDs and avoid paying any TDS if the rate of interest in FD is 10.05 % per year
    Plz tell me this sir

  3. s pal says:

    purchased a property @ 30lac jointly with wife investing 50% each
    a> how to show it in ITax return in Col ITR col(invested 30lac or more in property ???
    b> whether wife who is not having taxable income need to file return?

  4. Praveen Kumar says:

    Dear Sir,

    I am married and leaving in joint family with my parients. My father sold ancestral old house including scrabs and old furtuner & irons about @ rs.8.00 Lacs. Further my father transfer some amount in my account for purchasing properties one flat(under constrution) cost about rs.6.45lacs, and Rs.2.30Lacs for purchasing a residential plot.

    Said property are purchased jointly with my wife and my mother.

    should i file my I-Tax-returns If yes then how to file it, what is the best way to do it should my father filed it with HUF or Indivisual riturns.

    please guide my as early as possible and send me reply on my E-Mail.

    Note: we don’t have HUF Pan No.

  5. rohit khajuria says:

    I am a male, doing a job as a teacher in a school. For the year 2010-11 for men, I need (i) list of admissible deductions (including telephone bills, medical expenses for the family etc) and (ii) income tax slabs

  6. Divya says:

    i have been working since January. My salary till October was 15000. Since Nov, i have been getting 20000 per month. My question is: since the tax limit is 190000 for women, will I be taxed for this year? If not, what other taxes should I pay?

  7. Rashi says:

    Sir Pl advice, i expense the medical expenses it is recd in exmpated in Income tax. or which Diseases expenses allowed in Income tax. pl guide me.

  8. mitsmo says:

    I am paid Rs 22,000 per month by my employer in cash. That’s the full salary. There are no PF, LTA/Medical, Gratuity or any other extra benefits. My employer is a government institute and I am on a one-year contract with them. My employers are now telling me they will deduct taxes if I do not make an investment of Rs 80,000 a year. Can you tell me whether they are correct and what ways I can save taxes? I am a 40-year old lady.
    regards, mitsmo

  9. prash says:

    sir. my monthly salary is 1.75 lakhs, please tell , how much amount the company will cut from my monthly salary for TDS. wot will be my take home salary after tds cut.

    prash

  10. B.Srinivasan says:

    We are now past the middle of Financial year 2010-2011.Why display the old financial year slabrelating to financial year 2009-10?It will be useful to show current IT rates pertaining to financial year 2010-2011.

    B.Srinivasan

  11. Ramesh Singh says:

    Respected sir/madam, my monthly income is 12000/- and i want to prepare my income tax return file. what shuld i do and what documents required to do this.
    Plz. guide me.

  12. Subhash says:

    For tax saving, can I take home loan to alter my 20 years old house against mortgaging my fix deposites? what is the % of Tax saving? I can not get bank loan as I am retiered person. I have got amolument less than eigtht Lacs on earlier pay fixation. In what way I can save Tax

  13. B.N.MAHARANA says:

    I AM GETTING INTEREST OF RS-135000 /YEAR FROM (SCSS) SCHEME BUT I DON’T KNOW HOW THE SBI DEDUCTED 20% OF TAX FROM THE PAID INTEREST WHILE SENIOR CITIZEN TAX EXEMPTION LIMIT IS 2.40 LAKH.

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