These rates are also applicable for charging income-tax during the financial year 2010-11 on current incomes in cases where accelerated assessments have to be made, for instance, provisional assessment of shipping profits arising in India to non­residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.

The salient features of the rates specified in the said Part III are indicated in the following paragraphs—

A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person

The rates of income-tax in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) have been specified in Paragraph A of Part III. The basic exemption limits and the rates of income-tax will continue to be the same as those specified for assessment year 2010-11. However, the tax slabs are revised as under:—

INCOME TAX SLAB FOR MALE RESIDENT  INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF) BELOW THE AGE OF 65 YEARS

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.

Income Tax Ready Reckoner for Male Individuals/ HUF below the age of 65 Years

Taxable Income Tax Payable Savings
Currently Post Budget
160,000
300,000 14,000 14,000
500,000 54,000 34,000 20,000
700,000 114,000 74,000 40,000
800,000 144,000 94,000 50,000
1,000,000 204,000 154,000 50,000
1,200,000 264,000 214,000 50,000
1,500,000 354,000 304,000 50,000
2,000,000 504,000 454,000 50,000
2,500,000 654,000 604,000 50,000
3,000,000 804,000 754,000 50,000
NOTE: The above calculations do not include education cess.

INCOME TAX SLAB FOR FEMALE  RESIDENT INDIVIDUAL BELOW THE AGE OF 65 YEARS

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.

Income Tax Ready Reckoner for women Individuals below the age of 65 Years

WOMEN
Taxable Income Tax Payable Savings
Currently Post Budget
190,000
300,000 11,000 11,000
500,000 51,000 31,000 20,000
700,000 111,000 71,000 40,000
800,000 141,000 91,000 50,000
1,000,000 201,000 151,000 50,000
1,200,000 261,000 211,000 50,000
1,500,000 351,000 301,000 50,000
2,000,000 501,000 451,000 50,000
2,500,000 651,000 601,000 50,000
3,000,000 801,000 751,000 50,000
NOTE: The above calculations do not include education cess.

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.

Income Tax Ready Reckoner for Senior Citizens

Taxable Income Tax Payable Savings
Currently Post Budget
240,000
300,000 6,000 6,000
500,000 46,000 26,000 20,000
700,000 106,000 66,000 40,000
800,000 136,000 86,000 50,000
1,000,000 196,000 146,000 50,000
1,200,000 256,000 206,000 50,000
1,500,000 346,000 296,000 50,000
2,000,000 496,000 446,000 50,000
2,500,000 646,000 596,000 50,000
3,000,000 796,000 746,000 50,000
NOTE: The above calculations do not include education cess.

B. Co-operative Societies

In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for assessment year 2010-11. No surcharge will be levied.

C. Firms

In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for assessment year 2010-11. No surcharge shall be levied.

D. Local authorities

The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the assessment year 2010-11. No surcharge will be levied.

E. Companies

The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill. These rates are the same as those specified for the assessment year 2010-11.

The existing surcharge of ten per cent. on a domestic company is proposed to be reduced to seven and one-half per cent. In case of companies other than domestic companies, the surcharge shall be levied at the same rate and subject to the same conditions as were applicable for the assessment year 2010-11.

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

The existing surcharge of ten per cent. in all other cases (including sections 1 15JB, 115-O, 1 15R, etc.) is proposed to be reduced to seven and one-half per cent.

For financial year 2010-11, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge, in all cases. No marginal relief shall be available in respect of such Cess.

 ALSO READ
S.NO. INCOME TAX SLAB
INCOME TAX CALCULATORS
1. Income Tax Slabs for FY 2016-17 / AY 2017-18
2. Income Tax Slab for FY 2015-16 AY 2016-17
3. Income Tax Slab for FY 2014-15 AY 2015-16
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5.  Income tax Slab for FY 2012-13 / AY 2013-14 Income Tax Calculator FY 2012-13 / AY 2013-14
6. Income tax calculator for FY 2006-07 to FY 2016-17
7. Income Tax Slab Rates from AY 1992-93 to AY 2015-16

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0 responses to “New Income tax slabs for Individual, Senior Citizens, and females HUF, Firms, Companies and others as amended by budget 2010”

  1. deepak gawde says:

    if a person is completing age of 60 year in june 2011, for which financial year he will be elegible for senior citizen tax slab

  2. A.C.WANKHEDE says:

    I AM RETIRED BANK MANAGER AS PER NEW SETTLEMENT WITH IBA FOR PENSION OPTION. I HAVE RETURNED 156% OF BANKS PF. PLEASE GUIDE ME THE AMOUNT 56% RETURNED FROM MY OWN SOURCE AND POCKET IS EXEMPTED FROM INCOME TAX. THIS APPLICABLE FOR ALL RETIRED BANK OFFICERS WHO HAVE OPTED FOR PENSION. PLEASE GUIDE.

  3. A. Prusty says:

    Please let us be told the details of rebates avilable for the ay 2011-12.

  4. rajesh misra says:

    tax slab for association of people

  5. babneet sharma says:

    This site is very helpful to learn about Latest Income Tax Slabs and Rules for the Students. Thanks for the same.

  6. CA Nilesh Kabra says:

    Its applicable to FY 10-11

  7. CA Nilesh Kabra says:

    @ L. Vasantha

    No. Its applicable to FY 2009-10

  8. L.Vasantha says:

    Hi,

    Is this tax slab applicable for 2009-10 income

    Please clarify

  9. b.n. venkataramu says:

    sorry to note that
    they have not increased the int on housing loan availed upto 1.50 lacs only this is injustice they should have provideed upto 3.5 lacs
    and investment u/s 80c 1 lac not changed
    they would have provided the option upto 2 lac
    transport allowance not increased
    from rs 800 it is unfair they should have increased to 2500/pm
    they can remove HRA exemption provide in some other head increased the basic exemption to 2.5 lacs ( most of the mal practice happens in HRA area only
    they should have avoided this
    regards
    venkataramu 9844138028

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