The Budget for the year 2010-11 has been presented on 26/02/2010. The proposed important changes in Income Tax Act 1961 and rates in the finance bill 2010 are  provided here below:

MALE RESIDENT  INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF)

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.

FEMALE  RESIDENT INDIVIDUAL

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.

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.

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0 responses to “Important changes proposed in respect of Income tax laws in budget 2010-2011”

  1. V.Gopalswamy says:

    Dxcellrnt, Crisp & useful.
    09/04/2010

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