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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