The revised Income Tax (IT) rates for Financial Year 2010-2011

vivek — Fri, 26 Feb 2010 08:05:28 +0000

The new proposed Income Tax 2010 – 2011

proposed income tax rates for ay 10-11

There will be no tax for income up to Rs 2.0

For income between Rs 2.0-5 lakh, the tax liability will be 10% (earlier slab was Rs 1.6 – 3 lakh)

For income between 5 lakh -10 lakh, the tax liability will be 20% (earlier slab was Rs 3-5 lakh)

Individuals with income of above 10 lakh will have tax liability of 30%. (earlier slab was 5 lakh)

The Income Tax of 2010 – 2011

income tax rates for ay 10-11

There will be no tax for income up to Rs 1.6

For income between Rs 1.6-5 lakh, the tax liability will be 10% (earlier slab was Rs 1.6 – 3 lakh)

For income between 5 lakh -8 lakh, the tax liability will be 20% (earlier slab was Rs 3-5 lakh)

Individuals with income of above 8 lakh will have tax liability of 30%. (earlier slab was 5 lakh)

The Income Tax of 2009 – 2010

income tax rates for ay 9-10

There will be no tax for income up to Rs 1.5 lakh

For income between Rs 1.6-3 lakh, the tax liability will be 10%

For income between 3 lakh – 5 lakh, the tax liability will be 20%

Individuals with income of above 5 lakh will have tax liability of 30%

Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.

New tax rates would offer relief to 60 per cent of tax-payers.

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