• New Updated Income Tax Rates/Slabs for Assesment Year 2011-12 (F Y 2010-11)

    New Updated Income Tax Rates/Slabs for Assesment Year 2011-12 (F Y 2010-11)

    Income Tax Rates/Slabs

    Rate (%)

    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)

    NIL

    1,60,001 – 5,00,000

    10

    5,00,001 – 8,00,000

    20

    8,00,001 upwards

    30

    Few amendments made to the taxation system for the FY 2010-11:

    • From now onwards there will be only 2 pages in the IT filing form for individuals.
    • More cases can now be appealed against.
    • Rs. 20,000 tax exemption will be provided for investments in certain investment bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments.
    • Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS).

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