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• Surcharge has also been withdrawn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)