According to Union Budget 2010-11, a few changes have been made in Income Tax structure. Here is a glimpse to new Income Tax Rates :
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)
For the current financial year (2009-10) following procedure is to be followed.
Income Tax Rates decide the tax to be implemented on your income. In India, there are differents rates of Income Tax for men, women and senior citizens. Here is a detail of Income Tax Rates in India.
Income tax slabs 2009-2010 (for Men) in India:
| Income Tax Slab (in Rs.) |
Tax |
| 0 to 1,60,000 |
No Tax |
| 1,60,001 to 3,00,000 |
10% |
| 3,00,001 to 5,00,000 |
20% |
| Above 5,00,000 |
30% |
Income tax slabs 2009-2010 (for Women) in India:
| Income Tax Slab (in Rs.) |
Tax |
| 0 to 1,90,000 |
No Tax |
| 1,90,001 to 3,00,000 |
10% |
| 3,00,001 to 5,00,000 |
20% |
| Above 5,00,000 |
30% |
Income tax slabs 2009-2010 (for Senior Citizens) in India:
| Income Tax Slab (in Rs.) |
Tax |
| 0 to 2,40,000 |
No Tax |
| 2,40,001 to 3,00,000 |
10% |
| 3,00,001 to 5,00,000 |
20% |
| Above 5,00,000 |
30% |
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000. 3% cess on tax payable.
Note:
- Education cess is applicable @ 3 per cent on income tax.
- Agricultural income is exempted from income-tax.
To calculate your Income Tax go to
Income Tax Calculator