
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
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- Surcharge has also been withdrawn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%
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