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Taxes at Quick glance 2010 - 2011

Financial year 2010-2011 Assessment year 2011-2012

Any other Resident Individual, any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resdient but not ordinarily Resident)
Taxable Income	Tax Payable
Upto Rs.1,60,000	NIL
From Rs.1,60,001 to Rs.5,00,000	10% of income above Rs.1,60,000
From Rs.5,00,001 to Rs.8,00,000	Rs.34,000 + 20% of income above Rs.5,00,000
Above Rs.8,00,000	Rs.94,000 + 30% of income above Rs.8,00,000
Surcharge	NIL
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Resident Women/ Female(2010-2011)
Taxable Income	Tax Payable
Upto Rs.1,90,000	NIL
From Rs.1,90,001 to Rs.5,00,000	10% of income above Rs.1,90,000
From Rs.5,00,001 to Rs.8,00,000	Rs.31,000 + 20% of income above Rs.5,00,000
Above Rs.8,00,000	Rs.91,000 + 30% of income above Rs.8,00,000
Surcharge	NIL
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Resident Senior Citizen (65 years or more at any time during the financial year)(2010-2011)
Taxable Income	Tax Payable
Upto Rs.2,40,000	NIL
From Rs.2,40,001 to Rs.5,00,000	10% of income above Rs.2,40,000
From Rs.5,00,001 to Rs.8,00,000	Rs.26,000 + 20% of income above Rs.5,00,000
Above Rs.8,00,000	Rs.86,000 + 30% of income above Rs.8,00,000
Surcharge	NIL
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Taxes at Quick glance 2009-2010

Any other Resident Individual, any HUF (Hindu Undivided Family), NRI (non Resident Indian), RNOR (Resdient but not ordinarily Resident)
Taxable Income	Tax Payable
Upto Rs.160,000	NIL
From Rs.160,001 to Rs.300,000	10% of income above Rs.160,000
From Rs.300,001 to Rs.500,000	Rs.14,000 + 20% of income above Rs. 300,000
Above Rs.500,001	Rs.54,000 + 30% of income above Rs.500,000
Surcharge	NIL
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Resident Women/ Female (2009-2010)
Taxable Income	Tax Payable
Upto Rs.190,000	NIL
From Rs.190,001 to Rs.300,000	10% of income above Rs.190,000
From Rs.300,001 to Rs.500,000	Rs.11,000 + 20% of income above Rs. 300,000
Above Rs.500,001	Rs.51,000 + 30% of income above Rs.500,000
Surcharge	NIL (Surcharge has been removed for Individuals)
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Resident Senior Citizen 65 years and above (2009-2010)
Taxable Income	Tax Payable
Upto Rs.240,000	NIL
From Rs.240,001 to Rs.300,000	10% of income above Rs.240,000
From Rs.300,001 to Rs.500,000	Rs.6,000 + 20% of income above Rs. 300,000
Above Rs.500,001	Rs.46,000 + 30% of income above Rs.500,000
Surcharge	NIL (Surcharge has been removed for Individuals)
Education Cess	2% of Total tax payable
Secondary & Higher Education Cess	1% of Total tax payable

 

Deductions in computing total income (CHAPTER VIA) A.Y 2009-2010 and 2010-2011
SECTIONS	PARTICULARS	ASSESSEE TO WHOM ALLOWED	QUANTUM OF DEDUCTION
80C	Deduction in respect of LIC Premium, Contribution to PF, Housing Loan Repayment, Post office 5year Time Deposit, Senior Citizen Savings Scheme etc.,	Individual or HUF	Max. Rs. 1,00,000
80CCC	Deduction in respect of contribution to pension funds	Individual	Max. Rs. 1,00,000
80D	Deduction in respect of Medical Insurance Premium	Individual or HUF	For Individual himself, Spouse, Dependent Children and his Parents - Rs.15,000 For Senior Citizen - Rs.20,000
80DD	Deduction in respect of medical treatment of Dependent	Individual	Disability - Rs.50,000 Severe Disability-Rs.75,000 (W.e.f A.Y. 2010-11 Rs.1,00,000)
80DDB	Deduction in respect of treatment of Specified Diseases	Individual	For Individual-Rs.40,000 For Senior Citizen-Rs.60,000
80E	Deduction in respect of interest paid on loan taken for his higher education or his relative	Individual	Actual Interest Paid
80G	Deduction in respect of Donations to certain funds, Charitable Institutions etc.,	All Assessees	a) 100% or 50% of eligible donations without applying qualifying limit b) 100% or 50% of eligible donations after applying qualifying limit of 10% of Adjusted GTI
80GG	Deduction in respect of rent paid	Individual	Max.Rs.2,000 p.m
80GGA	Deduction in respect of contribution to scientific research or rural development	All Assessees not having Business Income.	100% of sum donated
80U	Deduction in respect of Physical Disability of Individual	Individual	Disability Rs.50,000 Severe Disability Rs.75,000 (W.e.f A.Y.2010-11 Rs.1,00,000)

 

FIRM: 30% of Total Income.

COMPANY: 30% of Total Income.

ADVANCE TAX:Advance tax Limit increased from Rs.5, 000 to Rs.10, 000 from financial year 2009-10 onwards.

FRINGE BENEFIT TAX:Fringe Benefit Tax not applicable from Assessment year 2010-11.

MAT (Minimum Alternate Tax):Rate of Tax for MAT increased to 15 % from the present rate of 10% W.e.f A.Y 2010-11 and MAT Credit to be carried forward up to tenth assessment year immediately succeeding the assessment year.

WEALTH TAX:Rate of Tax is 1% on Net wealth exceeding Rs. 30, 00,000 W.e.f A.Y 2010-2011