Assesee Type |
From |
To |
Slab% |
Male |
Upto |
160000 |
0% |
|
160001 |
500000 |
10% |
|
500001 |
800000 |
20% |
|
800001 |
and above |
30% |
Female |
Upto |
190000 |
|
|
190001 |
500000 |
10% |
|
500001 |
800000 |
20% |
|
800001 |
and above |
30% |
Sr. Citizen |
Upto |
240000 |
|
|
240001 |
500000 |
10% |
|
500001 |
800000 |
20% |
|
800001 |
and above |
30% |
How much Tax Saved with New Tax Slabs for FY 2010-11
With the announcement of new tax slabs many people will calculate their tax savings with respect to this new tax slabs. Let me share you the figures of what tax will be saved with this new tax slabs
Income |
Old Slab |
New Slab |
Your Savings |
60,000 |
0 |
0 |
0 |
3,00,000 |
14,000 |
14,000 |
0 |
4,00,000 |
35,020 |
24,720 |
10,300 |
5,00,000 |
55,620 |
35,020 |
20,600 |
6,00,000 |
86,520 |
55,620 |
30,900 |
7,00,000 |
117,420 |
76,220 |
41,200 |
8,00,000 |
148,320 |
96,820 |
51,500 |
9,00,000 |
179,220 |
127,720 |
51,500 |
10,00,000 |
210,120 |
158,620 |
51,500 |
So clearly those who are earning Rs.3Lakhs per annum they have not benefited of any tax savings whereas people earning more than Rs.5lakhs per annum are saving tax and can be able to save good amount of money in other savings instruments or can spend the money for their need.
Highlights of Budget 2010-2011 on Direct Tax
Following are the amendments or changes in the Direct Tax proposals announced in the Union Budget 2010-11
1. Changes in the Income Tax Slabs as below
Tax Slabs Comparision
OLD |
NEW |
TAX RATE |
Upto Rs 1.6 lakh |
Upto Rs 1.6 lakh |
NIL |
Rs 1.6 – 3 lakh |
Rs 1.6 to 5 lakh |
10% |
Rs 3 – 5 lakh |
Rs 5 to 8 lakh |
20% |
ABOVE Rs 5 lakh |
ABOVE Rs 8 lakh |
30% |
2. For coming Assessment Year the for individuals and salaried tax payers have to fill a two page SARAL-II form which will be simple and user friendly to fill the tax returns.
3. In addition to Rs. 1,00,000/- savings in Section 80C now we can save additionally Rs 20,000/- in long-term infrastructure bonds as notified by the Central Government.
4. Any citizen in unorganized sector can open NPS account for the financial year (2010-11) with minimum payment 1000 and maximum 12,000. Government will pay Rs,1000 for next 3 years.
|