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# 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.

### 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.

### 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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