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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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