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.
Whether there is exumption under section 80U of Rs 100000 for the FY2010-2011
ReplyDeleteSir,
ReplyDeleteIs 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.
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.
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ReplyDeleteWhat is the prescribed period of preservation for ECB Memos at Divisional Office ?