Income Tax Rates 2010-11 (Assessment Year 2011-12)

The income tax rate for the year 2010-2011 (Assessment year 2011-2012) announced by the Government is given below. The taxable income should be arrived after deducting maximum savings of Rs 1,00,000, HRA Exemption etc. i.e Taxable income = Gross Income - (Savings Rs 1,00,000 + HRA Exemption + HBA Interest + Rs 20,000 for infrastructure bonds)

In case of individual (other than II and III below) and HUF

Income Level Income Tax Rate

i. Where the total income does not exceed Rs.1,60,000/-. NIL

ii. Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-. 10% of amount by which the total income exceeds Rs. 1,60,000/-

iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv. Where the total income exceeds Rs.8,00,000/-. Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

Income Level Income Tax Rate

i. Where the total income does not exceed Rs.1,90,000/-. NIL

ii. Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-. 10% of the amount by which the total income exceeds Rs.1,90,000/-.

iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv. Where the total income exceeds Rs.8,00,000/- Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-

Income Level Income Tax Rate

i. Where the total income does not exceed Rs.2,40,000/-. NIL

ii. Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.2,40,000/-.

iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- Rs.26,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv. Where the total income exceeds Rs.8,00,000/- Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

Surcharge: The surcharge on Income Tax for Individuals for total income exceeding Rs.10 lacs stands removed. Education Cess: 3% of the Income-tax.