New Income tax slab proposed in budget 2010-11

 

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.

Male individual below the age of 65 years& HUF tax payers :

New tax slabs:

Income Slabs (Rs) Rate (%)
0 – 160000 0
160001 – 500000 10
500001 – 800000 20
800001 and above 30

Female individual taxpayer

New tax slabs:

Income Slabs (Rs) Rate (%)
0 – 190000 0
190001 – 500000 10
500001 – 800000 20
800001 and above 30

Senior Citizens

New tax slabs:

Income Slabs (Rs) Rate (%)
0 – 240000 0
240001 – 500000 10
500001 – 800000 20
800001 and above 30
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