Income Tax Rates 2010-11 (Assessment Year 2011-12)
Saturday, February 27, 2010
This article is posted in Income Tax category and has 33 Comments so far.
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.
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33 Responses to “Income Tax Rates 2010-11 (Assessment Year 2011-12)”
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Calculate Income Tax 2009-10
padmanabhan said on Saturday, February 27, 2010, 12:31
sir,i have two doubts. as NDC is coming from next year whether there will be chang in the basic l amount from the It exemption from Rs1.6 for males. DA is given to compensate for rise in prices but again taxing actually lowering the purchase power of ordinary govt.employees. is there any change is graduity exemption.thank you,yours sincerely,V.padmanabhan TO,VCRC, Pondicherry
Reply
B.W. LOkhande said on Saturday, February 27, 2010, 16:17
Can you provide a list of Long Term Infra Structure Bonds for investing Rs.20000/-under 80CCF.
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Malaikolundu Kuppuswamy Reply:
February 27th, 2010 at 9:42 pm
Infra Bonds eligible for deduction ( Rs 20000) under 80CCF will be notified by the CBDT in due course. Anyhow, the financial year is going to commence only from April 2010 only. More over,this is only finance bill and it has to be got discussed and approved by the Parliament. Then only it will become Finance Act capable of being implemented.. Till then, it is only Budget proposals.
- Malaikolundu Kuppuswamy, Porur, Chennai – 600116.
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abhay kumar sinha Reply:
February 28th, 2010 at 11:56 am
idbi and icici bonds
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Seo Money Backlinks Reply:
March 1st, 2010 at 12:20 pm
New and fresh notification would be issued by Finance ministry, Govt. of india stating the list of approved financial institutions engaged in long term financing the infrastructure projects.
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m.raja said on Sunday, February 28, 2010, 9:21
I am in central govt. service for 12 years but still unable to clearly understand my tax calculation. Can any one help me in calculating the tax for 2010-11 as per new proposals? My total gross income for th FY 2010-11 will be 38000×12=4,56,000, in this my HRA & TA amounts to RS.90,000. My savings will be 1,00,000 , please tell me what will be the taxable amount and how much the tax will be?
Reply
admin Reply:
March 7th, 2010 at 5:11 pm
Total income for 2010-11 Rs.456000
HRA and TA (assumed as deduction) Rs.90000
savings Rs.1,00,000
Taxable income : Rs.266000
tax : 266000-160000=@10% for 106000
Rs.10600
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amitabh Reply:
March 8th, 2010 at 12:28 am
What about education cess at 3 %? Does he not have to pay 3% of 10600 as edu cess?
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admin Reply:
March 8th, 2010 at 7:32 am
education cess @3% continues
Mahesh Reply:
July 10th, 2010 at 10:07 pm
Yours total Tax is 10600 on this there will be 3% educational cess it comes to Rs 318. Add 10600 + 318 = the total Tax you need to pay is 10918. If your Employer has withheld any amount i.e. TDS you can deduct that from your Tax and remaining you has to pay as Tax.
Dinu Reply:
March 30th, 2010 at 6:25 am
Why dont you use tax calculator facility on gconnect?
I would have suggested certain things. But i dont know how to upload my word document on this forum.
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K Suryanarayana said on Sunday, February 28, 2010, 23:10
Kindly provide me the information regarding insurance plans in addition to CGHS and deductions allowed under Income tax for the year 2010-11
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Seo Money Backlinks said on Monday, March 1, 2010, 12:14
We should welcome the new initiative of tax reforms taken by the brave and one of the best finance Minister of India, Mr. Pranob Mukherjee. I think more and more people would come forward to pay their Tax freely and openly. So the real Tax revenue would be higher and planned expenditure of the union budget would be as per target and estimation.
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p.srinivasulu said on Tuesday, March 2, 2010, 23:54
FM had chosen to please only those who are in the upper brackets of the IT slabs.He did not consider those who are in between !.6 lakhs and 3 lakhs annual income,for whom thee is no difference at all in tax compared to last year (Fin. year 2009-10).Is it not unfair?It is this group of people who are the real middle class and many are pensioners also.who will represent their case?They deserve consideration by the FM.Hope he will consider favourably and make suitable amendmentbefore the budget is passed-srinivasulu
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anand said on Saturday, March 6, 2010, 15:53
The govt is trying to put further pressure on low income group by keeping the lower range unchanged and benefitting the high income group by giving them more benefits is this logical. If at all the govt is poor friendly they should have given a thought. By doing so they will surely increase the number of tax payers but not the revenue.
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roshan sahani said on Thursday, March 11, 2010, 10:30
sir,
We are getting HRA form our org. does it will include in total income or it will be deducted from the total income while paying income tax.
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admin Reply:
March 16th, 2010 at 6:35 am
IT Exemption on HRA depends upon various factors. Please check GConnect article. Click the following link
http://gconnect.in/gc/service/personal-income-tax/it-exemption-for-hra-should-we-take-da.html
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Mahesh Reply:
June 1st, 2010 at 4:49 am
HRA will be Added to your Salary Income
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jayant naik said on Sunday, March 21, 2010, 15:45
dear Sir, I would like to know about the admissible deductions and rebate for the fy. 2010-2011
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admin Reply:
March 22nd, 2010 at 6:00 pm
Please wait for a month or two, for clear cut orders from Income tax on admissible deductions for the assessment year 2011-12 (F.year 2010-11)
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BIMAL said on Sunday, March 21, 2010, 20:58
Is it limit (Rs.800) on TA for tax calculation or totaly exempted from tax
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admin Reply:
March 22nd, 2010 at 5:20 pm
TA upto Rs.800 per month is exempted from IT
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Baman Prasad Acharya said on Friday, March 26, 2010, 9:51
Sir My gross salary is about Rs. 9.0 lakhs. I have plan of saving about 1.2 lakhs in provident fund, Rs. 1.8 lakhs in N.S.C and Rs. 20,000 in infrastructure bond. How much tax I have to pay for the assessment year 2011-1012 that will enable me to find out the monthly deduction from my salary. Waiting for your early reply.
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admin Reply:
March 27th, 2010 at 9:10 am
Please wait for a month or two for GConnect Income tax tool 2010-11 for exact calculation. Any way an approximate estimation could be as follows
Gross income —Rs.900000
less savings —Rs.110000 (this is the maximum)
Net income —-Rs. 790000
this could be split up like this for tax purpose
Rs.160000+340000+290000
Tax=Nil+34000+58000=92000/-
Deduction under Chapter VIA were not taken into account as you did not provide any details
Reply
Mahesh Reply:
July 11th, 2010 at 12:48 am
salary 9 lakh
less Deduction under 80C upto 100000 you can claim. your Taxable Income will be 800000 on this you will be taxed i.e.
upto 160000 nil and from 160000 to 300000 10% in your case it will be 14000 (140000 * 10/100) and Next slab will be from 300000 to 500000 and the tax rate is 20% in your case it will be 40000 (200000 * 20/100) and The next slab will be 500000 to 800000 30% but in your case it will be 90000 (300000 * 30/100) THE TOTAL TAX YOU NEED TO PAY IS 14000+40000+90000= RS 144000.
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Roshan Reply:
July 21st, 2010 at 2:41 pm
Mahesh your calculations are incorrect. Cause, you are capturing the old rates. The Admin calculations are right.
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Lalitha said on Friday, March 26, 2010, 18:31
What about the total amount exempted under Sec 80C, still Rs.1L?
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admin Reply:
March 26th, 2010 at 8:30 pm
It’s Rs.1.00 Lakh. But an additional deduction of Rs.10,000 can be availed if invested in selected infrastructure bonds.
Please go through this GConnect article for more details
http://gconnect.in/gc/service/personal-income-tax/budget-whats-in-for-cg-employees-and-pensioners.html
Reply
Brijesh Singh said on Monday, April 5, 2010, 17:22
Dear
Sir Please send me list of Incoem tax slab rate F.Y. 2010-2011
Reply
admin team Reply:
April 8th, 2010 at 8:14 am
Dear brijesh
Please go thro. the article Income tax rates for 2010-11( Assessment Year2011-12) in Gconnect
Reply
Dinu said on Tuesday, April 27, 2010, 6:21
CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.
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shyam kumar said on Wednesday, April 28, 2010, 22:04
i want acknowledgement form of saral-II online
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MANIK LAL GHOSH said on Sunday, June 13, 2010, 16:12
I want online tool to generate ITR-2 for F.Y. 2009-2010 (A.Y. 2010-1011).
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