Income Tax for the year 2010-11 India

Income Tax Calculator
According to Union Budget 2010-11, a few changes have been made in Income Tax structure. Here is a glimpse to new Income Tax calculation procedure :

Modifications

• The relaxation limit under section 80C has been inceased to Rs. 2 lakhs.


• Surcharge has also been withdrawn


• Surcharge on companies has also been reduced to 7.5%.


• The presumptive tax limit has also been raised to Rs 60 lacs.


• Announcement of a deduction of Rs 20000 on investment in infra bonds


• New Slab

Income Tax Slab (in Rs.):---- Tax
0 to 1,60,000 --- No Tax
1,60,001 to 5,00,000 --- 10%
5,00,001 to 8,00,000 --- 20%
Above 8,00,000 --- 30%