Income Tax Rates for FY 2010-11
IndianMoney.com Research Team | Posted On Friday, March 12,2010, 04:39 PM
What is Income Tax?
In Simple terms, Income Tax is the Tax levied on the income of individuals and business. Everybody those who are earning an income of more than 160000 are suppose to pay income tax to Government of India. In every budget our finance minister will announce new Tax slabs/rates. In budget 2010-2011, finance minister Pranab Mukherjee announced the new Tax Rates. According to the new tax rates many people have got relief in Tax.
People know what is income Tax but most of the times they are confused, how is the calculation is done? IndianMoney.com is taking an initiative to make people aware of the calculation of Income Tax by taking the new tax rates into consideration.
See Also: Income Tax Return Filing and Eligibility
Income Tax Rates 2009-2010 and 2010-2011
Following tables show the Tax rates of FY 2009-2010 anf FY 2010-2011
Tax Rate (FY 2009-10)
|
Rate |
Male |
Women |
Senior Citizen |
|
10% |
160000 – 300000 |
190000 – 300000 |
240000 – 300000 |
|
20% |
300000 - 500000 |
300000 - 500000 |
300000 – 500000 |
|
30% |
500000 & Above |
500000 & Above |
500000 & Above |
Tax Rate (FY 2010-11)
|
Rate |
Male |
Women |
Senior Citizen |
|
10% |
160000 - 500000 |
190000 – 500000 |
240000 - 500000 |
|
20% |
500000 - 800000 |
500000 – 800000 |
500000 - 800000 |
|
30% |
800000 & Above |
800000 & Above |
800000 & Above |
Major Changes in the Tax Rates of FY 2010-2011
-
Basic Tax slab has been increased from 160000 – 300000 to 160000 – 500000
-
Tax rate for the income group 500000 – 800000 has been reduced from 30% to 20%
Illustration of Tax Rates
Above given illustration will give an indication about the tax rate for each income groups, it won’t give you a detailed idea about the Total Tax to be paid by each category. Below given Tables will help you to find out the Tax amount to be paid by each category.
Tax Rates of two assessment years are given below;
Income Tax Rates/Slab for Assessment Year 2010-11 (F Y 2009-10)
Income Tax Rates
|
Income |
Tax |
|
Up to Rs. 1.60 lakh |
Nil |
|
Rs. 1.60 - 3.00 lakh |
10% of total income exceeding Rs. 1.60 lakh |
|
Rs. 3.00 - 5.00 lakh |
Rs. 14,000 +20 of total income exceeding Rs 3 lakh |
|
Rs. Above 5.00 Lakh |
Rs 54,000 +30% of total income exceeding Rs 5 lakh |
Tax Rates for Women
|
Income |
Tax |
|
Upto Rs. 1.90 lakh |
Nil |
|
Rs. 1.80 - 3.00 lakh |
10% of total income exceeding Rs 1.90 lakh |
|
Rs. 3.00 - 5.00 lakh |
Rs 11,000 +20% of total income exceeding Rs 3 lakh |
|
Rs. Above 5.00 Lakh |
Rs 51,000 +30% of total income exceeding Rs 5 lakh |
Tax Rates for Senior Citizens
|
Income |
Tax |
|
Up to Rs. 2.4 lakh |
Nil |
|
Rs. 2.25 - 3.00 lakh |
10% of total income exceeding Rs 2.4 lakh |
|
Rs. 3.00 - 5.00 lakh |
Rs 6,000 +20% of total income exceeding Rs 3 lakh |
|
Rs. Above 5.00 Lakh |
Rs 47,500 +30% of total income exceeding Rs 5 lakh |
3% cess on tax is payable
Income Tax Rates/Slab for Assesment Year 2011-12 (F Y 2010-11)
General (except senior citizens and women)
|
Income |
Tax |
|
Up to Rs. 1.60 lakh |
Nil |
|
Rs. 1.60 - 5.00 lakh |
10% of total income exceeding Rs. 1.60 lakh |
|
Rs. 5.00 - 8.00 lakh |
Rs. 34,000 +20 of total income exceeding Rs 5 lakh |
|
Rs. Above 8.00 Lakh |
Rs 94,000 +30% of total income exceeding Rs 8 lakh |
Tax Rates for Women
|
Income |
Tax |
|
Upto Rs. 1.90 lakh |
Nil |
|
Rs. 1.90 - 5.00 lakh |
10% of total income exceeding Rs 1.90 lakh |
|
Rs. 5.00 - 8.00 lakh |
Rs 31,000 +20% of total income exceeding Rs 5 lakh |
|
Rs. Above 8.00 Lakh |
Rs 91,000 +30% of total income exceeding Rs 8 lakh |
Tax rates for Senior Citizens
|
Income |
Tax |
|
Up to Rs. 2.4 lakh |
Nil |
|
Rs. 2.4 - 5.00 lakh |
10% of total income exceeding Rs 2.4 lakh |
|
Rs. 5.00 - 8.00 lakh |
Rs 26,000 +20% of total income exceeding Rs 5 lakh |
|
Rs. Above 8.00 Lakh |
Rs 86,000 +30% of total income exceeding Rs 8 lakh |
*In addition to this, an education cess of 3% on the tax amount continues.
Hope you are clear about the tax rates of Financial Year (FY) 2009-2010 and FY 2010-2011. In the below given example we have mentioned the Tax to be paid by different categories of people with diverse income.
See Also: How To Calculate Your Taxable Income?
Revised Tax rates
With the help of below given Table you can understand, what will be your saving from the revised Tax rate.
For Male Tax Payers
|
Taxable income (Rs) |
Tax (FY 2009-2010) |
Tax (FY 2010-2011) |
Tax Saving |
|
2,00,000 |
4120 |
4120 |
Nil |
|
3,00,000 |
14420 |
14420 |
Nil |
|
4,00,000 |
35020 |
24720 |
10300 |
|
5,00,000 |
55620 |
35020 |
20600 |
|
6,00,000 |
86520 |
55620 |
30900 |
|
7,00,000 |
117420 |
76220 |
41200 |
|
8,00,000 |
148320 |
96820 |
51500 |
|
9,00,000 |
179220 |
127720 |
51500 |
|
10,00,000 |
210120 |
158620 |
51500 |
|
12,00,000 |
271920 |
220420 |
51500 |
|
15,00,000 |
364620 |
313120 |
51500 |
|
20,00,000 |
519120 |
467620 |
51500 |
|
25,00,000 |
673620 |
622120 |
51500 |
For Women Tax Payers
|
Taxable income (Rs) |
Tax (FY 2009-2010) |
Tax (FY 2010-2011) |
Tax Saving |
|
2,00,000 |
1030 |
1030 |
Nil |
|
3,00,000 |
11330 |
11330 |
Nil |
|
4,00,000 |
31930 |
21630 |
10300 |
|
5,00,000 |
52530 |
31930 |
20600 |
|
6,00,000 |
83430 |
52530 |
30900 |
|
7,00,000 |
114330 |
73130 |
41200 |
|
8,00,000 |
145230 |
93730 |
51500 |
|
9,00,000 |
176130 |
124630 |
51500 |
|
10,00,000 |
207030 |
155530 |
51500 |
|
12,00,000 |
268830 |
217330 |
51500 |
|
15,00,000 |
361530 |
310030 |
51500 |
|
20,00,000 |
516030 |
464530 |
51500 |
|
25,00,000 |
670530 |
619030 |
51500 |
For Men Senior Citizens
|
Taxable income (Rs) |
Tax (FY 2009-2010) |
Tax (FY 2010-2011) |
Tax Saving |
|
2,00,000 |
Nil |
Nil |
Nil |
|
3,00,000 |
6180 |
6180 |
Nil |
|
4,00,000 |
26780 |
16480 |
10300 |
|
5,00,000 |
47380 |
26780 |
20600 |
|
6,00,000 |
78280 |
47380.00 |
30900 |
|
7,00,000 |
109180 |
67980.00 |
41200 |
|
8,00,000 |
140080 |
88580.00 |
51500 |
|
9,00,000 |
170980 |
119480.00 |
51500 |
|
10,00,000 |
201880 |
150380.00 |
51500 |
|
12,00,000 |
263680 |
212180.00 |
51500 |
|
15,00,000 |
356380 |
304880.00 |
51500 |
|
20,00,000 |
510880 |
459380.00 |
51500 |
|
25,00,000 |
665380 |
613880.00 |
51500 |
In nutshell we can say that revised tax rate is a boon for Tax Payers. Only the people their income is 300000 or less than that will not be getting any further advantage from the revised Tax rate because there is no change in the tax rate of people their income falls in this range.
For any tax related queries Contact IndianMoney.com
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