In the budget of 26th of Febuary 2010, Finance minister presented the budget. In this budget Finance minister perposes some changes in the income tax slabs. The changes are as under.
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1- In the case of male individual who is less than 65 years of age during the previous year.
Income Upto Rs. 160000 Nil
Rs. 160001 to 500000 10%
Rs. 500001 to 800000 20%
Above 800000 30%
2- In case of individual Woman less than 65 years of age.
Income Upto Rs. 190000 Nil
Rs. 190001 to 500000 10%
Rs. 500001 to 800000 20%
Above 800000 30%
3- In case of individual who is more than 65 years of age (Senior Citizen)
Income Upto Rs. 240000 Nil
Rs. 240001 to 500000 10%
Rs. 500001 to 800000 20%
Above 800000 30%
4- Cess rates are same as 3% on total txable amount.
5- Company and Firms rates are 30% as previous financial year.
6- Deduction u/s 80C increased Rs. 120000 to 100000
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