TAX SLABS (Comparison Chart)
| Slab |
Existing Rate (%) |
Slab |
New Rate (%) |
| Up to Rs 1,00,000 |
Nil |
Up to Rs 1,00,000 |
Nil |
| Rs 1,00,000 - Rs 1,50,000 |
10.2 |
Rs 1,00,000 - Rs 1,50,000 |
10.3 |
| Rs 1,50,000 - Rs 2,50,000 |
20.4 |
Rs 1,50,000 - Rs 2,50,000 |
20,6 |
| Rs 2,50,001 - Rs 10,00,000 |
30.6 |
Rs 2,50,001 - Rs 10,00,000 |
30.9 |
| Above Rs 10,00,000 |
33.66 |
Above Rs 10,00,000 |
33.99 |
Note: Education cess increased from 2 per cent to 3 per cent. -
Surcharge of 10 per cent for incomes above Rs 10 lakh unchanged. - Basic
exemption limit for women raised to Rs 1,45,000 and for senior citizens to
Rs 1,95,000
.
TAX AMOUNT
| Income
(Rs) |
Existing
Tax amt |
Proposed
Tax amt |
Income
(Rs) |
Existing
Tax amt |
Proposed
Tax amt |
| 100000 |
Nil |
Nil |
600000 |
132600 |
132870 |
| 125000 |
2550 |
1545 |
700000 |
163200 |
163770 |
| 150000 |
5100 |
4120 |
800000 |
193800 |
194670 |
| 175000 |
10200 |
9270 |
900000 |
224400 |
225570 |
| 200000 |
15300 |
14420 |
1000000 |
255000 |
256470 |
| 250000 |
25500 |
24720 |
1100000 |
288660 |
290460 |
| 300000 |
40800 |
40170 |
1200000 |
322320 |
324450 |
| 400000 |
71400 |
71400 |
1500000 |
423300 |
426420 |
| 500000 |
102000 |
101970 |
2000000 |
591600 |
596370 |
| 510000 |
105060 |
105060 |
2500000 |
759900 |
766320 |
New Document
DIRECT TAXES
- Income tax exemption limit hiked by Rs 10,000.
* 1.1 lakh for men
* 1.45 lakh for Women
* 1.95 lakh for senior citizen
- Medical insurance premium increased to Rs 15,000 (senior citizen: Rs
20,000).
- Corporate income tax unchanged. Surcharge removed for companies with
taxable income of Rs 1 crore or less.
- Minimum Alternate Tax (MAT) extended to IT companies and companies
under Section 10A & 10B.
- Tax holiday for undertaking in Jammu & Kashmir extended up to
March 31, 2012.
- Rate of dividend distribution tax raised from 12.5% to 15% on
dividends distributed by companies and 25% on dividends paid by money
market MFs and liquid MFs.
- Banking Cash Transactions Tax (BCCT) exemption limit for individuals
and HUFs increased from Rs 25,000 to Rs 50,000.
- Additional cess of 1% levied on all taxes to fund secondary and
higher education.
- Employees’ stock option plan (ESOP) brought under the Fringe
Benefit Tax (FBT).
SERVICE TAX
- Service Tax exemption limit for small service providers raised from
Rs 4 lakh to Rs 8 lakh.
- Service Tax extended to services outsourced for mining of mineral,
oil or gas and commercial rentals. Residential properties, vacant land
used for agriculture and similar purposes, land for sports,
entertainment and parking purposes, and immovable property for
educational or religious purposes excluded.
- Development and supply of content for use in telecom and advertising
purposes, asset management services provided by individuals and design
services brought under the Service Tax.
- Services provided by resident welfare associations exempted from tax.
- Services provided by technology business incubators with annual
turnover not more than Rs 50 lakh exempted from tax for first three
years.
WHO WINS - WHO LOOSE
| I
am Winner |
I
am Looser |
| Senior citizens get medical insurance |
Every one has to pay more education cess |
| SMEs get a shot in the arm with tax
benefits |
Individual investors in money market and liquid MFs. |
| New hotels operational by March 31, 2010,
in the NCR: Five-Year Income Tax Holiday. |
|
WHAT IS CHEAPER - WHAT IS EXPENSIVE
| Look
Price Falls |
Look
Price Rises |
| Pet food |
Cigarettes/Bidis |
| Water purifiers |
Pan masala with tobacco |
| Steel |
Set-top boxes |
| Mouth fresheners |
Cars |
| Biscuits & food mixes |
Eating out at fast food joints |
| Watches |
Edible oils |
| Umbrellas, Footwear |
Brushes |
| DVD writers |
Movie tickets |
| Plywood |
|
| Coal |
|
| Chemicals and plastics |
|
| Bio-diesel |
|
| Medical equipment |
|
| Irrigation equipment |
|
| Clothes |
|
| Pan masala without tobacco |
|
| Clinical trial of new drugs |
|
| RWA membership |
|
THE AAM ADMI BUDGET
- The National Rural Employment Guarantee Programme - initial
allocation Rs. 12000 crore and extended to another 30 districts.
- One lakh jobs for differently-abled persons.
- Sampoorna Gramin Rozgar Yojana (SCRY): allocation of Rs 2,800 crore.
- Swarnajayanti Gram Swarozgar Yojana (SGSY): allocation of Rs 1,800
crore.
- 1,396 Industrial Training Institutes (ITIs) to be upgraded.
- Interest free loan of Rs 2.5 crore proposed to be granted to each
ITI.
BUDGET TIT-BITS
- Good and service tax to come into effect from 2010, seven new
services in tax net.
- GDP grew 8.6% in the October-December quarter.
- Expenditure is expected to rise 17%.
- Tax collections to grow 19.35%.
- Fertilisers, textile and cooking fuel continue to get government
support.
