INCOME TAX RATE
FOR INDIVIDUAL & HUF
| Slab of Income Rs. | FY 2009-10 | FY 2010-11 |
|
Nil to Rs. 160,000/- |
NIL | NIL |
| 160,001 – 300,000 |
10% |
10% |
| 300,001 - 500,000 |
20% |
10% |
| 500,001- 800,000 |
30% |
20% |
| 800,001 – & Above |
30% |
30% |
Thus, now there shall be three slabs –
- Rs. 160,001/- to Rs. 500,000/- 10%
- Rs. 500,001/- to Rs. 800,000/- 20%
- Above Rs. 8 Lacs 30%
In a relief to individual tax payers, the government today changed the slabs cutting the rate to 10 per cent for income up to Rs 5 lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh. Income between Rs 5 lakh to Rs 8 lakh will attract 20 per cent tax against the current slab of Rs 3 lakh to Rs 5 lakh. Hitherto, the income between Rs 1.6 lakh and Rs 3 lakh was taxed at the rate of 10 per cent.
In case of income over Rs 8 lakh, tax would be levied at a rate of 30 per cent — which was applicable on income above Rs 5 lakh. The tax concessions would put more money in the hands of consumers.
Finance Minister Pranab Mukherjee also extended income tax exemption to investment in infrastructure bonds by up to Rs 20,000, over and above the existing limit of Rs 1 lakh.
In a major relief to the corporate sector, the government proposed to reduce the surcharge on corporate tax to 7.5 per cent from 10 per cent now.
However, it has increased the Minimum Alternate Tax (MAT) from existing 15 per cent to 18 per cent on book profits of those companies which do not pay tax because of various exemptions.
This is good one
Please let me know this slab will applicable for this year or not?
The increase in the minimum slab is just an eye wash.Way back in 1970 the exemption was Rs 5000 with several deductions and exemptions available.If one were to telescope the present income for which is exemption is provided ,in real terms, the base should have been some where in the region of Rs 5,00,000.This is on account of inflation and the price rise over the four decades.The value of Rs 100 received in 1970 is about 120 times as the present value of Re. This can be illustrated(few) by the following table .
comodity’ price in 1970 price in 2010
gold 10 grms 160 19000
dosa 40 paise Rs 40
lunch Rs 1.50 Rs150
compare it with every item you will find it to be 100 times
The common man continues to be taxed at the same rate where as the rich provided with sops.the elected leaders too not being far behind.They are a separate class of citizens who are not touched by the tax man and lower tax rates
sir,
please tell me – what the rate of income tax for the Financial year 2010-2011
kindly reply as earlier
we will wait for message
thanking you
ck choudhary
very nice update on income tax slab for fy 10-11. please do share the income tax slabs for fy 10-11 for women as well.
also do publish the income tax slabs for ay 11-12
thanks
Please share details on income tax slab for ay 10-11 for companies
Also share income tax slab 10 11 for women & Senior Citizen
thanks for sharing income tax slab for ay 10 11
please also share the income tax slab for ay 10-11 for companies
Also share tax slabs for fy 10-11 for women & Senior Citizen
thanks for sharing income tax slab ay 10 11. please share teh details of income tax slab ay 10 11 for women & senior citizen also
please also share income tax slab for ay 11-12
Information available in this forum helped me a lot in calculating the Income Tax liability to be recovered during 2010-11 from my salary. Information published is very much useful even to novice. It is really a Good Forum for Good Governance of Finances.
Thanks
thanks for providing ready reference available on income tax slab for ay 10-11
do publish details on income tax slab for ay 10-11 for women & senior citizens also
nice summary on income tax slab for ay 10-11
thanks for sharing income tax slab assesment year 2010 -2011. need details on tax slabs for fy 10-11 for women
thanks for sharing required details income tax slab for ay 10-11
these details on incometax slab 10-11 will definitely help in tax working.
will request if you can also provide income tax slab 10-11 for senior citizens and income tax slabs for fy 10-11 for women
Regards
Preet
Thanks for sharing the revised income tax slab for ay 10 11
I agree a nice article on tax bracket for fy 2010-11
Good Job…
Appreciable work on providing such details on tax slab 10-11
thanks to the author on this nice article on tax slab for assessment year 10-11
ya i agree a neat update on income tax slabs for ay 10-11
nice one – it was a good reference on income tax slab for ay 10-11 and individual slab incometax limit for the f.y.10-11
thanks
Please share income tax slabs for fy 10-11 for senior citizens also
a very nice & detailed description on income tax slab ay 10 11
This is very nice article on income tax rate 2010-11
Please share the rates for others as well
Thanks
I think govt can earn more in form of tax which help in increasing the national income of country. And changes should be done such a manner, which give profit to both..or which satisfy the common people.And changes in slab Rate should not be done yearly,their should be a particular time gap between the changes taken place.it help govt to know what changes in slab help in increasing economic growth of our country.
THINK THE RATE OF INCOME TAX IN INDIA IS VERY GOOD BECASUSE WITH THE HELP OF THESE RETE AFTER SOME YEAR WE WILL ALSO ACHIVED THE GOWTH RATE WHICH OTHER COUNTY HAVE
thank you for the correction the rate of slab
This slab rate is Corret By my openion
So all Person exept that
Thank you
During the year 2009-10,besides my pay and allowances, I received Rs.1,50,000/- as arrear of enhanced pay and allowances due to 6th Pay commission report.
On the two instalments of arrears, I recevied instalments after deductionof Incomex tax.
Pl. advice me how I can calculated my income so that I can save tax on arrears.
Thanks
I THINK THE RATE OF INCOME TAX IN INDIA IS VERY GOOD BECASUSE WITH THE HELP OF THESE RETE AFTER SOME YEAR WE WILL ALSO ACHIVED THE GOWTH RATE WHICH OTHER COUNTY HAVE
i think govt can earn more in form of tax which help in increasing the national inacome of country. and changes should be done such a manner, which give profit to both..or which satisfy the common people.and changes in slab should not be done yearly,their should be a particular time gap between the changes taken place.it help govt to know what changes in slab help in increasing economic growth
According to me the tax budjet is not change every year, but it take place in the increasing supply of money in the market so that govt. not getting that much revenu from tax payers and lot of people waive the tax so I would like to suggest that all payment should be made through bank only so govt. can track on entire economy. And Govt. must be give auuthority to deduct TDS from the A/c to the bank. If it will do then collected money should be greater than actual tax revenu.
The rates given are quite handy and useful. However, these should also include the rates for women and senior citizens.
Thanks
i think in india income tax payable only 10% upper than 10 lakh per annum .less than 10 lakes income is unpayable yet be indian govt. can earn more tax fare. but its totally depend on the economically languages. only we can pull over black money outer india what our needs fullfil than no need of income tax earn . without income tax earning country should go up without topup