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New Income tax slab proposed in budget 2010-11 and its impact on Male individual, Female Individual, HUF and senior citizen
The Finance Minister, in the Budget today, changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh.
The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.
Download Income Tax Calculator For A.Y. 2011-12 / Financial Year 2010-11
Male individual below the age of 65 years& HUF tax payers :
New tax slabs:
| Slabs (Rs) | Rate |
| 0 – 160000 | 0 |
| 160001 – 500000 | 10 |
| 500001 – 800000 | 20 |
| 800001 and above | 30 |
Old tax slabs:
| Slabs (Rs) | Rate |
| 0 – 160000 | 0 |
| 160001 – 300000 | 10 |
| 300001 – 500000 | 20 |
| 500001 and above | 30 |
Impact:
| Taxable income (Rs) | Tax -before budget | Tax after budget | Saving |
| (Rs) | (Rs) | (Rs) | |
| 200000 | 4120 | 4120 | 0 |
| 500000 | 55620 | 35019 | 20601 |
| 1000000 | 210120 | 158619 | 51501 |
| 1200000 | 271919 | 220419 | 51500 |
| 1500000 | 364619 | 313119 | 51500 |
| 2000000 | 519119 | 467619 | 51500 |
| 2500000 | 673619 | 622119 | 51500 |
| 4000000 | 1137119 | 1085619 | 51500 |
Female individual taxpayer
New tax slabs:
| Slabs (Rs) | Rate |
| 0 – 190000 | 0 |
| 190001 – 500000 | 10 |
| 500001 – 800000 | 20 |
| 800001 and above | 30 |
Old tax slabs:
| Slabs (Rs) | Rate |
| 0 – 190000 | 0 |
| 190001 – 300000 | 10 |
| 300001 – 500000 | 20 |
| 500001 and above | 30 |
Impact:
| Taxable income (Rs) | Tax -before budget | Tax after budget | Saving |
| (Rs) | (Rs) | (Rs) | |
| 200000 | 1029 | 1029 | 0 |
| 500000 | 52529 | 31929 | 20600 |
| 1000000 | 207029 | 155529 | 51500 |
| 1200000 | 268829 | 217329 | 51500 |
| 1500000 | 361529 | 310029 | 51500 |
| 2000000 | 516029 | 464529 | 51500 |
| 2500000 | 670529 | 619029 | 51500 |
| 4000000 | 1134029 | 1082529 | 51500 |
Senior Citizens
New tax slabs:
| Slabs (Rs) | Rate |
| 0 – 240000 | 0 |
| 240001 – 500000 | 10 |
| 500001 – 800000 | 20 |
| 800001 and above | 30 |
Old tax slabs:
| Slabs (Rs) | Rate |
| 0 – 240000 | 0 |
| 240001 – 300000 | 10 |
| 300001 – 500000 | 20 |
| 500001 and above | 30 |
Impact:
| Taxable income (Rs) | Tax before budget | Tax after budget | Saving |
| (Rs) | (Rs) | (Rs) | |
| 200000 | 0 | 0 | 0 |
| 500000 | 47379 | 26780 | 20599 |
| 1000000 | 201879 | 150379 | 51500 |
| 1200000 | 263679 | 212179 | 51500 |
| 1500000 | 356379 | 304879 | 51500 |
| 2000000 | 510879 | 459379 | 51500 |
| 2500000 | 665379 | 613879 | 51500 |
| 4000000 | 1128879 | 1077379 | 51500 |
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pls send me, all amendments in tax , law , accounts, audits
WHAT IS THE NEW TAX STRUCTURE FOR THE HOTEL INDUSTRY
new update of tax
please receive the this year budget
it is now 1.20 lacs
Dear Sir,
Exemption limit for men is Rs. 1,80,000 and not 1,60,000 as specified by u.
Ranjodh Singh Rana…Naya Nangal
Dear Sir,
Please I want a what is the slap of Income Tax for the
fy-2010-11,& 2011-12,
is there any change in sec 80 for deduction
Not bad but want to the limit of exemption in U\S 80c and U\S 80gg and U\S80d
I want to know About The Difrrent tax slabs Like on TDS service tax etc can you help me
whether the total limit for investment is limited to only 1 lac?
what is the new slap of leave tax