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Income Tax Guide

Income Tax guide is an information resource on Income Tax in India. Get valuable information on Income Tax and related issues under a one stop information destination titled 'Income Tax Guide'. View answers to important information related to Income Tax matters. Right from the definition of Income Tax to the complex methods related to its computation. Also available is information related to the various Income Tax offices in India, Income Tax Rates, Income Tax important dates, Tax Exemption procedure, etc. which will all help in understanding the various aspects related to Income Tax in India.

Budget 2009 Modifications

According to Union Budget 2010-11, a few changes have been made in Income Tax structure. Here is a glimpse to new Income Tax calculation procedure :

Modifications
  • The relaxation limit under section 80C has been inceased to Rs. 2 lakhs.
  • Surcharge has also been withdrawn
  • Surcharge on companies has also been reduced to 7.5%.
  • The presumptive tax limit has also been raised to Rs 60 lacs.
  • Announcement of a deduction of Rs 20000 on investment in infra bonds
  • New Slab
Income Tax Slab (in Rs.) Tax
0 to 1,60,000(M) / 1,90,00(W) / 2,40,000(S) No Tax
1,60,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

The above modifications will be applicable for the year 2010-11.(March 2010 Onwards)


View Comments


By Hari l (on Dec 19, 2011 09:14 AM)
Income tax details

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By B srinivas (on Oct 29, 2011 10:26 PM)
Not received income tax refund for the F Y 2010-11 NOT RECEIVED I T REFUND FOR THE F Y 2010-11(A Y 2011-12) FOR THE RETURN FILED ON 14/06/2011

By Ankush (on Sep 16, 2011 10:45 AM)
I like your site

By Manish (on Aug 31, 2011 02:42 PM)
Hi I want to know is there any standard formula for calculating overtime?

By Kajol (on Aug 31, 2011 02:41 PM)
What are the slabs of Professional Tax?

By Anamika (on Aug 31, 2011 02:40 PM)
I want excel formula for calculation OF PT and esic ?

By Pradeep (on Aug 31, 2011 02:38 PM)
The formula for calculating gratuity is BasicDA15 No of years of service/ 26

By Ramesh (on Aug 31, 2011 02:37 PM)
Plz give me formula of calculation of Bonus Register

By Ajay (on Aug 31, 2011 02:36 PM)
What is the formula for the calculation of esi and pf

By Shalni (on Aug 31, 2011 02:35 PM)
How calculation of Prof.Tax on Turn Over":?:

By Pankaj (on Aug 31, 2011 02:34 PM)
Do you know about Over time calculation formula?

By Ishan (on Aug 31, 2011 02:32 PM)
6th pay commision about fitment formula of revision of pension

By RAJENDER SINGH (on Jul 28, 2011 04:10 PM)
SEND ME TAX CALCULATER

By Venu (on Mar 18, 2011 12:53 PM)
Income tax

By Ramesh (on Mar 04, 2011 06:30 PM)
Just i checked incomtax details

By Aijaz (on Feb 28, 2011 09:05 PM)
Please show me the income tax budget


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