Friday, February 26, 2010

Income tax benefit for "not so common man" !


Income tax slab for Assessment Year 2010-11

Tax Slab

2010-11

2009-10 & Early

Up to 1,60,000
Up to 1,90,000 (for women)
Up to 2,40,000 (for resident individual of 65 years or above)

0

0

1.6 - 5 Lakhs

10%

1.60 – 3 Lakhs 10%

3 – 5 Lakhs 20%

5 – 8 Lakhs

20%

Above 5 Lakhs 30%

Above 8 Lakhs

30%

30%

What this means is


Income

Old Tax

New Tax

Gain

Upto 1.6 Lakhs

0

0

0

2 Lakhs

1,000

1000

0

3 Lakhs

11,000

11,000

0

4 Lakhs

31,000

21,000

10,000

5 Lakhs

51,000

31,000

20,000

6 Lakhs

81,000

51,000

30,000

7 Lakhs

1,11,000

71,000

40,000

8 Lakhs

1,41,000

91,000

50,000

9 Lakhs

1,71,000

1,21,000

50,000

10 Lakhs

2,01,000

1,51,000

50,000


In addition to above there would be a surcharge of 10% of the total tax liability is applicable where the total income exceeds 10,00,000 which was there last year also.


Well this is truly this year's budget is a history in terms of a complete walk out of the opposition for the first time in Indian parliamentary history, it also marked a budget when the "not so common man" is benefited.


So where will you spend the extra money ?



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