RATES OF INCOME TAX:

ASSESSMENT YEAR 2009-2010 and 2010-2011

INDIVIDUAL \HUF RATE INDIVIDUAL \HUF RATE

A.Y A.Y
2009-2010 2010-2011
Up to 1,50,000 Nil Up to 1,60,000 Nil
1,50,000 to 3,00,000 10% 1,60,000 to 3,00,000 10%
3,00,000 to 5,00,000 20%+15000 3,00,000 to 5,00,000 20%+14000
Above 5,00,000 30%+55000 Above 5,00,000 30%+54000

RESIDENT WOMEN RATE RESIDENT WOMEN RATE

< 65 YEARS A.Y < 65 YEARS A.Y
2009-2010 2010-2011
Up to 1,80,000 Nil Up to 1,90,000 Nil
1,80,000 to 3,00,000 10% 1,90,000 to 3,00,000 10%
3,00,000 to 5,00,000 20%+12000 3,00,000 to 5,00,000 20%+11000
Above 5,00,000 30%+52000 Above 5,00,000 30%+51000

SENIOR CITIZEN RATE SENIOR CITIZEN RATE

OF 65 YEARS OR A.Y OF 65 YEARS OR A.Y
MORE 2009-2010 MORE 2010-2011

Up to 2,25,000 Nil Up to 2,40,000 Nil

2,25,000 to 3,00,000 10% 2,40,000 to 3,00,000 10%
3,00,000 to 5,00,000 20%+7500 3,00,000 to 5,00,000 20%+6000
Above 5,00,000 30%+47500 Above 5,00,000 30%+46000

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FIRM – 30% of Total Income.

COMPANY - 30% of Total Income.

ADVANCE TAX

Advance tax Limit increased from Rs.5, 000 to Rs.10, 000 from
financial year 2009-10 onwards.

FRINGE BENEFIT TAX

Fringe Benefit Tax not applicable from Assessment year 2010-11.

MAT (Minimum Alternate Tax)

Rate of Tax for MAT increased to 15 % from the present rate of

10% W.e.f A.Y 2010-11 and MAT Credit to be carried forward up to
tenth assessment year immediately succeeding the assessment year.

WEALTH TAX:

Rate of Tax is 1% on Net wealth exceeding Rs. 30, 00,000 W.e.f A.Y
2010-2011

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 DEDUCTIONS IN COMPUTING TOTAL INCOME

(CHAPTER VIA) A.Y 2009-2010 AND 2010-2011

SECTIONS PARTICULARS ASSESSEE QUANTUM OF DEDUCTION

TO WHOM
ALLOWED

80C Deduction in Individual Max. Rs. 1,00,000

respect of LIC or HUF
Premium,
Contribution to
PF, Housing
Loan
Repayment, Post
office 5year
Time Deposit,
Senior Citizen
Savings Scheme
etc.,

80CCC Deduction in Individual Max. Rs. 1,00,000

respect of
contribution to
pension funds

80D Deduction in Individual For Individual himself,

respect of or HUF Spouse, Dependent
Medical Children and his Parents –Rs.15,000
Insurance
Premium For Senior Citizen - Rs.20,000

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80DD Deduction in Individual Disability - Rs.50,000
respect of
medical Severe Disability – Rs.75,000
treatment of (W.e.f A.Y. 2010-11 – Rs.1,00,000)
Dependent

Deduction in Individual For Individual – Rs.40,000

80DDB respect of
treatment of For Senior Citizen – Rs.60,000
Specified
Diseases

80E Deduction in Individual Actual Interest Paid

respect of
interest paid on
loan taken for
his higher
education or his
relative

80G Deduction in All a) 100% or 50% of eligible donations

respect of Assessees without applying qualifying limit
Donations to
certain funds, b) 100% or 50% of eligible donations
Charitable after applying qualifying limit of 10% of
Institutions etc., Adjusted GTI

80GG Deduction in Individual Max.Rs.2,000 p.m

respect of rent
paid

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80GGA Deduction in All 100% of sum donated.
respect of Assessees
contribution to not having
scientific Business
research or rural Income.
development.

80U Deduction in Individual Disability - Rs.50,000

respect of
Physical Severe Disability – Rs.75,000
Disability of (W.e.f A.Y. 2010-11 – Rs.1,00,000)
Individual