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Income Tax Rates for FY 2010-11

IndianMoney.com Research Team | Posted On Friday, March 12,2010, 04:39 PM

Income Tax Rates for FY 2010-11

 

 

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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