The revised Income Tax (IT) rates for Financial Year 2010-2011
The revised Income Tax (IT) rates for Financial Year (FY) 2010-2011 is listed below.
The Finance Minister Mr. Pranab Mukherjee has revised the Income Tax rates.
| 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) |
| 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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