These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to nonresidents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
The salient features of the rates specified in the said Part III are indicated in the following paragraphs—
A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person
The rates of income-tax in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) have been specified in Paragraph A of Part III. The basic exemption limits and the rates of income-tax will continue to be the same as those specified for assessment year 2010-11. However, the tax slabs are revised as under:—
INCOME TAX SLAB FOR MALE RESIDENT INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF) BELOW THE AGE OF 65 YEARS
| SLAB | INCOME TAX RATE |
| Upto Rs. 1,60,000 | Nil. |
| Rs. 1,60,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
Income Tax Ready Reckoner for Male Individuals/ HUF below the age of 65 Years
| Taxable Income | Tax Payable | Savings | |
| Currently | Post Budget | ||
| 160,000 | – | – | |
| 300,000 | 14,000 | 14,000 | – |
| 500,000 | 54,000 | 34,000 | 20,000 |
| 700,000 | 114,000 | 74,000 | 40,000 |
| 800,000 | 144,000 | 94,000 | 50,000 |
| 1,000,000 | 204,000 | 154,000 | 50,000 |
| 1,200,000 | 264,000 | 214,000 | 50,000 |
| 1,500,000 | 354,000 | 304,000 | 50,000 |
| 2,000,000 | 504,000 | 454,000 | 50,000 |
| 2,500,000 | 654,000 | 604,000 | 50,000 |
| 3,000,000 | 804,000 | 754,000 | 50,000 |
| NOTE: The above calculations do not include education cess. | |||
INCOME TAX SLAB FOR FEMALE RESIDENT INDIVIDUAL BELOW THE AGE OF 65 YEARS
In the case of every individual, being a woman resident in India, and below the age of sixty-five years at any time during the previous year,—
| SLAB | INCOME TAX RATE |
| Upto Rs. 1,90,000 | Nil. |
| Rs. 1,90,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
Income Tax Ready Reckoner for women Individuals below the age of 65 Years
| WOMEN | |||
| Taxable Income | Tax Payable | Savings | |
| Currently | Post Budget | ||
| 190,000 | – | – | |
| 300,000 | 11,000 | 11,000 | – |
| 500,000 | 51,000 | 31,000 | 20,000 |
| 700,000 | 111,000 | 71,000 | 40,000 |
| 800,000 | 141,000 | 91,000 | 50,000 |
| 1,000,000 | 201,000 | 151,000 | 50,000 |
| 1,200,000 | 261,000 | 211,000 | 50,000 |
| 1,500,000 | 351,000 | 301,000 | 50,000 |
| 2,000,000 | 501,000 | 451,000 | 50,000 |
| 2,500,000 | 651,000 | 601,000 | 50,000 |
| 3,000,000 | 801,000 | 751,000 | 50,000 |
| NOTE: The above calculations do not include education cess. | |||
SENIOR CITIZEN
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,—
| SLAB | INCOME TAX RATE |
| Upto Rs. 2,40,000 | Nil. |
| Rs. 2,40,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
Income Tax Ready Reckoner for Senior Citizens
| Taxable Income | Tax Payable | Savings | |
| Currently | Post Budget | ||
| 240,000 | – | – | |
| 300,000 | 6,000 | 6,000 | – |
| 500,000 | 46,000 | 26,000 | 20,000 |
| 700,000 | 106,000 | 66,000 | 40,000 |
| 800,000 | 136,000 | 86,000 | 50,000 |
| 1,000,000 | 196,000 | 146,000 | 50,000 |
| 1,200,000 | 256,000 | 206,000 | 50,000 |
| 1,500,000 | 346,000 | 296,000 | 50,000 |
| 2,000,000 | 496,000 | 446,000 | 50,000 |
| 2,500,000 | 646,000 | 596,000 | 50,000 |
| 3,000,000 | 796,000 | 746,000 | 50,000 |
| NOTE: The above calculations do not include education cess. | |||
B. Co-operative Societies
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for assessment year 2010-11. No surcharge will be levied.
C. Firms
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for assessment year 2010-11. No surcharge shall be levied.
D. Local authorities
The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the assessment year 2010-11. No surcharge will be levied.
E. Companies
The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill. These rates are the same as those specified for the assessment year 2010-11.
The existing surcharge of ten per cent. on a domestic company is proposed to be reduced to seven and one-half per cent. In case of companies other than domestic companies, the surcharge shall be levied at the same rate and subject to the same conditions as were applicable for the assessment year 2010-11.
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
The existing surcharge of ten per cent. in all other cases (including sections 1 15JB, 115-O, 1 15R, etc.) is proposed to be reduced to seven and one-half per cent.
For financial year 2010-11, additional surcharge called the “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, on the amount of tax computed, inclusive of surcharge, in all cases. No marginal relief shall be available in respect of such Cess.
if a person is completing age of 60 year in june 2011, for which financial year he will be elegible for senior citizen tax slab
I AM RETIRED BANK MANAGER AS PER NEW SETTLEMENT WITH IBA FOR PENSION OPTION. I HAVE RETURNED 156% OF BANKS PF. PLEASE GUIDE ME THE AMOUNT 56% RETURNED FROM MY OWN SOURCE AND POCKET IS EXEMPTED FROM INCOME TAX. THIS APPLICABLE FOR ALL RETIRED BANK OFFICERS WHO HAVE OPTED FOR PENSION. PLEASE GUIDE.
Please let us be told the details of rebates avilable for the ay 2011-12.
tax slab for association of people
This site is very helpful to learn about Latest Income Tax Slabs and Rules for the Students. Thanks for the same.
Its applicable to FY 10-11
@ L. Vasantha
No. Its applicable to FY 2009-10
Hi,
Is this tax slab applicable for 2009-10 income
Please clarify
sorry to note that
they have not increased the int on housing loan availed upto 1.50 lacs only this is injustice they should have provideed upto 3.5 lacs
and investment u/s 80c 1 lac not changed
they would have provided the option upto 2 lac
transport allowance not increased
from rs 800 it is unfair they should have increased to 2500/pm
they can remove HRA exemption provide in some other head increased the basic exemption to 2.5 lacs ( most of the mal practice happens in HRA area only
they should have avoided this
regards
venkataramu 9844138028