New income tax rates proposed in budget 2010 for male resident individual and Hindu undivided family for assessment year 2011-12/ financial year 2010-11

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. Education and SHE cess will be applicable.

Impact of Budget 2010 on taxation of resident individuals below the age of 65 years and HUF

Gross Total Income (Rs) 3,00,000 5,00,000 8,00,000 10,00,000
A.Y. 2010-11 A.Y. 2011-12 A.Y. 2010-11 A.Y. 2011-12 A.Y. 2010-11 A.Y. 2011-12 A.Y. 2010-11 A.Y. 2011-12
Gross Income 300000 300000 500000 500000 800000 800000 1000000 1000000
Tax Benefit u/s 80C 100000 100000 100000 100000 100000 100000 100000 100000
Tx exemption under Infra Bonds 0 20000 0 20000 0 20000 20000
Net Taxable Income post sec. 80C 200000 180000 400000 380000 700000 680000 900000 880000
Income Exempt from Tax as per slabs 160000 160000 160000 160000 160000 160000 160000 160000
Taxable Amount 40000 20000 240000 220000 540000 520000 740000 720000
Amount taxable @ 10% 40000 20000 140000 220000 140000 340000 140000 340000
Amount taxable @ 20% 0 0 100000 0 200000 180000 200000 300000
Amount taxable @ 30% 0 0 0 0 200000 0 400000 80000
Tax Amount Pre-Cess* 4000 2000 34000 22000 114000 70000 174000 118000
Education cess @3% 120 60 1020 660 3420 2100 5220 3540
Total Tax Payable 4120 2060 35020 2266 117420 72100 179220 121540

* Only Sec 80C deduction has been assumed and excess deduction of Rs 20000 in Infrastructure bonds in current amendments has been taken into account.

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