New income tax rates proposed in budget 2010 for resident woman below 65 years of age for assessment year 2011-12/ financial year 2010-11

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.

Chart showing Tax impact for resident woman below 65 years of age

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 20000 20000 20000 20000
Net Taxable Income post sec. 80C 200000 180000 400000 380000 700000 680000 900000 880000
Income Exempt from Tax as per slabs 190000 190000 190000 190000 190000 190000 190000 190000
Taxable Amount 10000 0 210000 190000 510000 490000 710000 690000
Amount taxable @ 10% 10000 0 110000 190000 110000 310000 110000 310000
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 1000 0 31000 19000 111000 67000 171000 115000
Education cess @3% 30 0 930 570 3330 2010 5130 3450
Total Tax Payable 1030 0 31930 19570 114330 69010 176130 118450

Note: Only Sec 80C deduction has been assumed and excess deduction of Rs20000 in Infrastructure bonds in current amendments has been taken into account.

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