Thursday, March 4, 2010

Income Tax Rates 2010-11 (Assessment Year 2011-12)

The income tax rate for the year 2010-2011 (Assessment year 2011-2012) announced by the Government is given below. The taxable income should be arrived after deducting maximum savings of Rs 1,00,000, HRA Exemption etc. i.e Taxable income = Gross Income - (Savings Rs 1,00,000 + HRA Exemption + HBA Interest + Rs 20,000 for infrastructure bonds)

In case of individual (other than II and III below) and HUF

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,60,000/-. NIL
ii. Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-. 10% of amount by which the total income exceeds Rs. 1,60,000/-
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-. Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,90,000/-. NIL
ii. Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-. 10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.2,40,000/-. NIL
ii. Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.2,40,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- Rs.26,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

Surcharge: The surcharge on Income Tax for Individuals for total income exceeding Rs.10 lacs stands removed.

Education Cess: 3% of the Income-tax.

4 comments:

  1. Whether there is exumption under section 80U of Rs 100000 for the FY2010-2011

    ReplyDelete
  2. Sir,

    Is there any ruling or instruction that the SPMs to send the discontinued RD lists to Sub Divisional Heads ? Because some of the Sub Postmasters are arguing that there is no such ruling etc. This may kindly be clarified.

    ReplyDelete
  3. In Puttur [DK] Division we have conducted today a training to all the PMs/SPMs of Taluk Head Quarters POs about the handling of logistic Post of Census 2011.

    ReplyDelete
  4. Sir,

    What is the prescribed period of preservation for ECB Memos at Divisional Office ?

    ReplyDelete