Income Tax Slabs (FY 2010-2011)

Finance minister,Pranab Mukherjee, has announced the new tax slabs for finance year 2010-11. In new tax slab,basic tax exemption limits are same as in the old tax slabs but finance ministry has broaden the tax slabs.

The new and revised tax slabs/rates for the financial year (FY) 2010-11 / Assessment year (AY) 2011-12 are as follows:

New Income Tax Slabs/Rates for individaul Men (below the age of 65 years) -
Up to Rs 1,60,000 ------ No tax / Total Exemption
1,60,001 to 5,00,000 --- 10%
5,00,001 to 8,00,000 --- 20%
Above 8,00,000 --- -----30%

New Income Tax Slabs/Rates for Resident Senior Citizens -
Up to Rs 2,40,000 -----No tax/Total Exemption
2,40,001 to 5,00,000 -- 10%
5,00,001 to 8,00,000 ---20%
Above 8,00,000 ---------30%

New Income Tax Slabs/Rates for induvidual Women (below the age of 65 years) -
Up to Rs 1,90,000 -------No tax / Total Exemption
1,90,001 to 5,00,000 ----10%
5,00,001 to 8,00,00 -----20%
Above 8,00,000 ---------30%