New Income tax slab proposed in budget 2010-11 and its impact on Male individual, Female Individual, HUF and senior citizen

• Saturday, February 27, 2010, 2:14
• Income Tax
• Articles, Featured
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64 Comments on “New Income tax slab proposed in budget 2010-11 and its impact on Male individual, Female Individual, HUF and senior citizen”

• 
  R.LGARG wrote on 27 February, 2010, 5:30

  for aenior citizens different scheme based on age beyond 70 or so need special consideration nd relaxations in investments or period of three years u/s 80 c be reduced to 18 months so that he can get it converted into liquid funds in his life time
• 
  Jogindar Sud wrote on 27 February, 2010, 12:19

  Relief in personal income tax was not expected.
  Finance minister has done a wonderful job in bringing down the rates upto 5 lakhs of taxable income to 10 percent and starting the 30 percent slab from 8 lakhs instead 5 lakhs earlier.
  As a senior citizen, I will have more money in my hands to cater for my increasing health bill and escalating cost of living.
• 
  venkat wrote on 27 February, 2010, 21:38

  ANOMALY BETWEEN THE INCOME TAX AND TDS

  Under the new income tab slabs there is going to be problem in TDS deductions

  Suppose a person’s salary is 35000/= per month. Annual salary is 4,20,000. Due to FDs in the banks the interest amount is 35,000. Total income is 4,55,000.. His income tax to be paid will be 29,500. With educational cess the total tax to be paid is 30,385.

  Now TDS deductions will be :

  By employer on the salary of 4,20,000 will be 42,000(at 10% TDS rates)

  By banks on the Fds etc will be 3,500.

  The total deduction comes to 45,500 which is much more than the actual income tax to be paid.. If he saves on 80C investments and with medical insurance and charity and other deductions the difference will be much more. For women employees and senior citizens it will be disaster.If his/her total income is more than 1.6 lakhs or whatever minimum slab is, he/she cannot give 15 H or any other certificate to the employers or the banks not to deduct TDS

  The finance ministry has therefore to drastically reduce the TDS rates. The TDS must not be deducted from senior citizens either on their pensions or bank deposits.

  You as an orsganisation should take it up with Ministry of Finance.
• 
  kavitha wrote on 1 March, 2010, 6:11

  There is very less done for a middle class salaried male/female. With the recession still not recovered completely the jolt of taxes are still a burden for less salaried employees. Mr. Pranab has not given a thought to middle class individuals which will end up paying the tds more than the previous year. Hiking the petrol/diesel prices automatically effects on commodities too since everything is interdependent on transport
• 
  J P jaiswal wrote on 5 March, 2010, 5:43

  By not raising the threshold limit of Rs1.60 lakh FM has proved that he cares only for rich people. He has given tremendous benefit to people whose taxable income is more than Rs3lakh. Will he rectify it?
• 
  Ajit Kr singh from Ranchi wrote on 7 March, 2010, 3:50

  Minimum tax freelimit should have been Rs. 2 lakh. after that Limit of deduction should have been raised to “actual” saving under section C group like PF, PPF,LIC,VPF etc.
  Minister has raised prices of petrol/diesel etc but tax concession on conveyance allwance is still Rs. 800 per month. Is this justified. Secondly concession of Rs. 100/- on education allownace, Rs. 300/- on Hostel allowance etc . is very nominal. Finance minister should have raised all these limits considering inflation.
• 
  VP Venkatraman wrote on 23 March, 2010, 11:18

  Since there is no Social Security provided by the Govt. I feel more should have been done for Senior Citizens particularly women. Many Seniors live on Interest earned from Fixed Deposits. So the the threshold limit on the Interest Income should be increased substantially. At the time of taking Fixed Deposits the Banks/ Companies can take a declaration of the total estimated Income of the person and not deduct any TDS if the total income is below the the Taxable Limit. The Finance Minister should consider this and do something.
• 
  Sushil wrote on 20 April, 2010, 10:09

  Nothing was done for lower & middle income class group. only rich people like celebraties will benefit whose interviews appeared in the newspapers with thumbs-up for budget…. Why media do not post interviews of poor people??
• 
  Kallol wrote on 22 April, 2010, 10:32

  The Gratuity slab is increased to 10 Lakhs from 3.5 lakhs.
  Is it mandatory for private companies (listed in BSE)?
  Or it is the ceiling and not mandatory and cos can still pay 3.5 which I understand is the lower slab?
• 
  gurpreet singh wrote on 21 May, 2010, 15:38

  I just want to know how we calculate
  income tax.
  please reply
• 
  bksahu wrote on 24 May, 2010, 8:45

  age of senior citizen
• 
  CA Sandeep Kanoi wrote on 24 May, 2010, 13:11

  65 Years for Income Tax Purpose.
• 
  M. V. Sekharan wrote on 19 June, 2010, 18:06

  For income tax purposes a senior citizen should be one who has retired from service at the prescribed retirement age

  M V Sekharan
• 
  M. V. Sekharan wrote on 19 June, 2010, 18:07

  For income tax purposes a senior citizen should be one who has retired from service at the prescribed retirement age
• 
  Income Tax Return wrote on 25 June, 2010, 12:21

  this budget is not in the favour of middle class and lower class people
• 
  Gowri Nagarajan wrote on 10 July, 2010, 16:29

  Refer to earlier post by Venkat on “anamoly between income-tax and TDS”. I am a lady aged 63 years. I have an annual income of Rs. 4 Lacs, almostl all from Bank deposits. Considering the current income tax slabs of “1.9 lacs- No Tax and Up to 5 Lacs 10% tax”, my tax commitment for AY11-12, works out to only about Rs. 21,000. As banks are deducting 10% TDS on all interest income over Rs. 10,000, I end up paying Rs 40,000 as tax through TDS. Why dont the govt reduce the TDS rate to 5% from Rs 10,000 to Rs 20,000, and 10% later on. Can I give From-15G to avoid avoid such excessive TDS? Can some body help me on this?
• 
  Chandan wrote on 13 July, 2010, 10:19

  FM could have done better than this. since the inflation rate Vs yearly salry/income growth is not that as inflation. For exmplae :- vegetables / grocessry items have inflation almost 55 – 60%.

  Need to do a lot for common people in India
• 
  mahesh wrote on 14 July, 2010, 15:48

  My bank fd shows Rs 7873 as interest earned, and Rs 1183 as inters accrued.Which figure shd i take for income tax return2010-11
• 
  mahesh wrote on 14 July, 2010, 15:51

  My bank FD shows Interst paid Rs 7873 and interest accrued as Rs 1183. Which figure should i furnish in my income tax returnfor2010-2011
• 
  vinod wrote on 29 July, 2010, 0:04

  it seems absurd that
  1. on FDs bank gives higher rate of interest to those sbove 60 years of age, considering them senior citizen
  2. Railway gives concession to those above 60 years of age, considering them senior citizen
  3. Income tax department says senior citizen is the one above 65 years of age
  4. Govt. retires people at the age of 60 years
  All these are part of the same Government, having different definitions of senior citizen, cant we have one simple
  definition clarifying as one for all, hope those in seat of power pay a glance at it
• 
  Anubhav Verma wrote on 4 August, 2010, 16:51

  IT-SOUNDS BIG.. SPECIALLY WHEN IT COMES TO APPLICABILITY…THE INCOME OF GOVT. FROM THE INCOME OF COMMON MAN. THIS IS TRUE BUT STILL BE BEARED BY THE COMMON PERSON AT A LARGE SCALE… THIS IS LIABILITY AGAINST SAVINGS FOR EVERY COMMOM MAN…

  THE IT CAL. SLABS AND RATES VARYING YEAR BY YEAR SHOWS HOW AGRESSIVELY THE MIDDLE MAN IS STANDING STILL FACING MULTIPLICILTY OF HARDNESS TO EARN LIVELYHOOD AND TO SAVE IF POSSIBLE..THE TAX LIABILITY SHOULD BE REDUCED FOR MIDDLE CLASS MAN AND ESTABLISHMENTS OF NEW CONCEPT OF EFFECTIVE TAX SYSTEMS SHOULD BE INTRODUCED…..
• 
  SHAHNAVAZ wrote on 7 August, 2010, 14:22

  please sene me a information of basic tax limit for individul, firm, professional Income, pvt.ltd. Company.

  who is involved professional income, like doctor, advocate & how many limited in audit
• 
  PREM RAJ TYAGI wrote on 17 August, 2010, 9:56

  Refer to earlier post by Venkat on “anamoly between income-tax and TDS”. I am a lady aged 63 years. I have an annual income of Rs. 4 Lacs, almostl all from Bank deposits. Considering the current income tax slabs of “1.9 lacs- No Tax and Up to 5 Lacs 10% tax”, my tax commitment for AY11-12, works out to only about Rs. 21,000. As banks are deducting 10% TDS on all interest income over Rs. 10,000, I end up paying Rs 40,000 as tax through TDS. Why dont the govt reduce the TDS rate to 5% from Rs 10,000 to Rs 20,000, and 10% later on. Can I give From-15G to avoid avoid such excessive TDS? Can some body help me on this?

  Read more: http://www.taxguru.in/budget-2010/new-income-tax-slab-proposed-in-budget-2010-11-and-its-impact-on-male-individual-female-individual-huf-and-senior-citizen.html#ixzz0wplqiyCO
• 
  GOPINATH KHADANGA wrote on 24 August, 2010, 20:35

  60 years of age is considered as requisite age to get benifits for Sr.citizens except for income tax purpose.Reasons behind this logic is known & not justifiable.

  Govt.may consider 60 years of age as Sr.citizen for income tax purpose.
• 
  BIMAN BEHARI GHOSH wrote on 26 August, 2010, 15:02

  MY DATE OF BIRTH IS 10/01/1946
  AGE 65 WILL COMPLETE ON 09/01/2011
  WHETHER I SHALL GET THE BENEFIT OF SENIOR CITIZEN DURING THE FINANCIAL YEAR 2010-2011 (ASSESSMENT YEAR 2011-2012.
• 
  administrator wrote on 26 August, 2010, 19:31

  Yes you will get the benefits
• 
  manish intwala wrote on 16 September, 2010, 17:54

  This slab is not ok because you will not raise the minimum value that is 1,60,000.If you will increase this value so tax payer is also be increase
• 
  shyamal Chakraborty wrote on 8 October, 2010, 16:05

  I want to know what are the tax examption investmant? Kindly send me details.
• 
  a dilaver hussain wrote on 13 October, 2010, 16:06

  i want to know the fixed deposit investments are shown in assesment
• 
  Dhirendra Kumar wrote on 20 October, 2010, 3:58

  what is the exemption limits u/s 80ccc to 80U for the A.Y. 2011-2012
• 
  ashish kumar shrivastav wrote on 25 October, 2010, 17:20

  Tax exempt investment means those investment in which government is not going to charge any tax. Likewise, investment in society welfare, or health sector etc.
• 
  ashish dixit wrote on 27 October, 2010, 18:31

  such a stupid proposed slab. It will increase tax evasion. Basic exemption limit should be increase for not less than to 250000.
• 
  Bhaskar wrote on 9 November, 2010, 17:20

  what will be the tax slab rate for the assesment year 2012-13……………?
• 
  Sirisha Karthikeyan wrote on 10 November, 2010, 22:05

  I have a question,
  my salary is 645000/– gross income without deduction of anything (i.e. pf & gartituty)
  & my investment in insurance is 74000/–

  so now how is i have to pay tax..
• 
  Sirisha Karthikeyan wrote on 10 November, 2010, 22:06

  How much tax i need to pay this year.. plzz let me know how to calculate & how much should i pay.. help me out
• 
  RavindranK wrote on 16 November, 2010, 12:41

  My Gross salary is 638131, my GPF is 120000. what is my IT for the year 2010-11
• 
  janardhanan wrote on 18 November, 2010, 15:36

  i will be getting pay commission arrears from jan 2007 to aug 2008 during the financial year 2010 – 2011. my taxable income is 3.50 lakhs after deductions (and including my pension during the fin year 2010 – 2011). As per latest Govt anouncement tax payable @ 10%. But treasury people say i should carry the incone to respective years and pay 20% tax above 3.00 lakh.
  My point is i need not carry the arrear to previous years and pay only 10% tax
  Can any one clarify with income tax rules
• 
  KML.Moorthy wrote on 24 November, 2010, 14:05

  I need a Tax Sections all, CUURENT Slab detail and DEDUCTIONS list from Income Tax
• 
  Jogendra Patel wrote on 9 December, 2010, 7:35

  The couple who are employed both are getting much benifit. They should fill their I.T.return showing their income together. By not raising the threshold limit of Rs1.60 lakh FM has proved that he cares only for rich people. He has given tremendous benefit to people whose taxable income is more than Rs3lakh and the couple who are both employed.
• 
  Jitender wrote on 11 December, 2010, 9:50

  Dear sir,

  I want to concirm that when we deposit in first time and didn’t make tax after can we get profit and it helps to take home loan and education loan
• 
  naresh wrote on 11 December, 2010, 22:32

  hi..sir i want to know . haw to file return income tax
• 
  snarasimhan wrote on 12 December, 2010, 18:39

  My monthly GROSS SALARY IS
  SALARY:rs.56068
  H.R.A:RS.55000
  SUPPLEMENTARY ALLOWANCE:1334
  Iam in rented flat ans\d have produced rental receipt every month for rs 30000/= .I have saved upto rs 1 Lakh under 80c .Calculate my tax
• 
  Rajiv Ranjan wrote on 16 December, 2010, 21:36

  What is standard deduction & how much minimum saving required this year
• 
  Rustam wrote on 27 December, 2010, 19:19

  plz send me detail how i can find new income tax for 2011
  also detail of tax on varies donation as soon as posible
• 
  Vishal wrote on 4 January, 2011, 12:59

  I have a net take away at 7,34,000 p.a. (non-inclusive of PF/Gratuity/LTA etc). I am currently investing Rs.14192 towards Insurance Policies (80C), Home Loan (1,50,000 approx towards Interest Component and 50,000 towards principal component), 72,000 anually towards different Tax Saving SIP. I am still paying tax of approx 36000 (TDS) annually. I wanted to know if I stop the SIP investment, by how much will my TDS increase??
• 
  sameer talgaonkar wrote on 5 January, 2011, 13:16

  My Annual salary CTC is 180000 ( 15000 p.m ) & net is coming on hand 13720.00 p.m

  pls let me know about my T.D. S. calculation , because my company has been deducted total 700/- for annual deduction (from feb 2011 @ 200/- monthly deduction)
• 
  Jaiprakash wrote on 13 January, 2011, 10:14

  Kindly let me know that what is the slab of medical benefits in 2010-2011 Income Tax Rule.
• 
  Mahendra Janwani wrote on 19 January, 2011, 14:42

  Maximum permission saving under section 80 C

  it should be 150000 instead of 120000
• 
  p k jaiswal wrote on 23 January, 2011, 19:24

  what are the key features of income tax for yr 2010-11?
• 
  p k jaiswal wrote on 23 January, 2011, 19:32

  i am not a tax payer yet, but what is the use of paying income tax if the so called corrupted leaders keep it in their pockets that is our “GARHEE KAMAAI” instead of being used for development purposes of our loving country INDIA.
• 
  Sundara pandian wrote on 25 January, 2011, 13:47

  what is limit of expmet in U\S 80c and U\S 80gg and U\S80d
• 
  niraj wrote on 1 February, 2011, 15:26

  what is the limit for exemption in hra as i pay to houseowner as erent\
• 
  nithya wrote on 10 February, 2011, 14:08

  what is the new slap of leave tax
• 
  jason wrote on 15 February, 2011, 11:58

  whether the total limit for investment is limited to only 1 lac?
• 
  priyanka chauhan wrote on 16 February, 2011, 16:31

  I want to know About The Difrrent tax slabs Like on TDS service tax etc can you help me
• 
  Preeth wrote on 16 February, 2011, 17:17

  Not bad but want to the limit of exemption in U\S 80c and U\S 80gg and U\S80d
• 
  aarti thakkar wrote on 28 February, 2011, 11:58

  is there any change in sec 80 for deduction
• 
  Anil wrote on 1 March, 2011, 12:26

  Dear Sir,

  Please I want a what is the slap of Income Tax for the
  fy-2010-11,& 2011-12,
• 
  Ranjodh Singh Rana wrote on 2 March, 2011, 16:51

  Dear Sir,
  Exemption limit for men is Rs. 1,80,000 and not 1,60,000 as specified by u.
  Ranjodh Singh Rana…Naya Nangal
• 
  arun wrote on 10 March, 2011, 16:35

  it is now 1.20 lacs
• 
  ningappa wrote on 11 March, 2011, 16:51

  please receive the this year budget
• 
  rashid ali wrote on 13 March, 2011, 10:12

  new update of tax
• 
  NANDEESH MN wrote on 24 March, 2011, 16:10

  WHAT IS THE NEW TAX STRUCTURE FOR THE HOTEL INDUSTRY
• 
  AVIRVAW KUMAR RANJAN wrote on 13 January, 2012, 15:39

  pls send me, all amendments in tax , law , accounts, audits

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