Income Tax 2010-11 Slabs
Annual Income | IT Rate |
---|---|
Up to Rs.1,60,000 Up to Rs.1,90,000 (for women) Up to Rs.2,40,000 (for resident individual of 65 years or above) |
Nil |
Rs.1,60,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
A deduction of an additional amount of Rs.20,000 for investment in long term infrastructure bonds as notified by the Central Government. This would be over and above the existing limit of Rs.1 lakh on tax savings under 80C.
Schemes eligible for Section 80C benefits
-
PPF
-
ELSS - Mutual Funds
-
NSC
-
KVP
-
Life Insurance
-
Senior Citizen Saving Scheme 2004
-
Post Office Time Deposit Account
Comments
20% tax is only for portion
20% tax is only for portion exceeding 5 Lakh. It will be 10 % for the portion from Rs. 160000 ( or Rs. 190000 if you are a woman ) to 5 Lakh.