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Budget Implications on Income Tax of Indiv
1) Personal income tax exemption limit for senior citizens raised by Rs 15,000 and both Men & Woman raised
2) Surcharge on income tax phased out.
Example :- If Income of Men is Rs 160000,Woman Rs 190000,Senior Citi
Old Income Tax Slabs (AY 200910) New Income Tax Slabs (AY 201011)
Rate Men Women Senior Citizens Men Women
Less than
0% 1,50,000 Less than 1,80,000 Less than 2,25,000 Less than 1,60,000 Less than 1,90,000
5,00,001 and 5,00,001 and
30% above 5,00,001 and above 5,00,001 and above above 5,00,001 and above
Tax Saved as per New Income Tax Slabs (AY 201011)
If Income for Men is Rs 160000 Tax Saved Rs 1000 & Education Cess of Rs30
If Income for Woman is Rs 190000 Tax Saved Rs 1000 & Education Cess of Rs30
If Income for Senior Citizens is Rs 240000 Tax Saved Rs 1500 & Education Cess of Rs45
Note: Following Example is without considering the Exemption U/S 80C & Other Deduction.
AY:Assessement Year,FY:Financail Year.
Surcharge & Education Cess on Income Tax liability
A surcharge of 10% of your total income tax liability is applicable if your total income is more than Rs 10,00,000.
An education cess of 3% is applicable on income tax (inclusive of surcharge if there is any) for every income tax assessee
Note:1)For any Income less than 10 Lakhs Tax Saved as per New IT Slabs & Rules for Men & Woman is Rs 1030 and for Seni
2)For any Income more than 10 Lakhs Tax Saved will be as per the Sheet (If Income >10 Lakhs Tax Saved)
Slabs and rates – FY 200910 (AY 201011)
t Implications on Income Tax of Individuals
5,000 and both Men & Woman raised by Rs 10000 .
10,00,000.
ncome tax assessee
for Men & Woman is Rs 1030 and for Senior Citizens is Rs 1545
come >10 Lakhs Tax Saved)
Tax as per New I.T Slabs
Senior Citizens
NIL
NIL
NIL
NIL
Budget Implications
Abolished
Same
Enter the Income in Yellow Cell as per the Inc
Income Range Any Income less than Rs3 Lac
300000
New Income Tax Slabs (AY 201011) Income Tax
1,60,001 to
10% 3,00,000 1,90,001 to 3,00,000 2,40,001 to 3,00,000 14000 11000 6000
3,00,001 to
20% 5,00,000 3,00,001 to 5,00,000 3,00,001 to 5,00,000
Surcharge & Education Cess on Income Tax liability
A surcharge of 10% of your total income tax liability is applicable if your total income is more than Rs 10,00,000.
An education cess of 3% is applicable on income tax (inclusive of surcharge if there is any) for every income tax assessee
Note: *If Total Income Tax liability is coming negative than no tax is Payable as per the ne
Note: Following Example is without considering the Exemption U/S 80C & Other Deduction.
Cell as per the Income Range
Any Income less than Rs 5 Lac but more
than Rs 3 Lac Any Income more than Rs5 Lac
500000 1100000
Income Tax Income Tax
Senior
Men Women Citizens Men Women Senior Citizens
Budget Implications
0,00,000. Abolished
ome tax assessee Same
yable as per the new Income Tax Slabs.
Enter In Yellow Cell Income more
Note:** indicates the Total Tax Saved ( Including Surcharge & Education Cess)
Note: Following Example is without considering the Exemption U/S 80C & Other Deduction.
Note: If Total Income Tax liability is coming negative than no tax is Payable as per the new Income Tax Slabs.
w Cell Income more than Rs. 10Lac*
Income More than 10 Lacs
1100000 1100000