Finance minister has given the Holi gift to the tax payers of India as the Union Budget 2010 has reduced the tax liability of individual income tax payers by broadening the tax slabs.
There is no change in the Basic Exemption limit, Education Cess and Income Tax rates.
The new Tax rates applicable to individual tax payers for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are given below :-
New Income Tax rates for Resident Senior Citizens (FY) 2010-11
Rs. 0 to Rs. 2,40,000-----------------> No Tax
Rs. 2,40,001 to Rs. 5,00,000-----------------> 10%
Rs. 5,00,001 to Rs. 8,00,000-----------------> 20%
Above Rs. 8,00,000-----------------> 30%
New Income Tax rates for Women (below the age of 65 yr) (FY) 2010-11
Rs. 0 to Rs. 1,90,000-----------------> No Tax
Rs. 1,90,001 to Rs. 5,00,000-----------------> 10%
Rs. 5,00,001 to Rs. 8,00,000-----------------> 20%
Above Rs. 8,00,000-----------------> 30%
New Income Tax rates for Other individuals (FY) 2010-11
Rs. 0 to Rs. 1,60,000-----------------> No Tax
Rs. 1,60,001 to Rs. 5,00,000-----------------> 10%
Rs. 5,00,001 to Rs. 8,00,000-----------------> 20%
Above Rs. 8,00,000-----------------> 30%
So enjoy the more money saved from taxes.
Have taxmile.
Source eBarabanki.com
