New Income Tax Slab

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Nitish

Nitish (Querist)
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15 July 2009 Hello. please provide new income tax slab after Budget.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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15 July 2009 Men – 1.60 lakhs (increase from Rs.1.50 lakhs)
Women – 1.90 lakhs (increase from Rs.1.80 lakhs)
Senior Citizens – Rs.2.40 lakhs (increase from Rs.2.25 lakhs)

TAX RATES:

Above the basic limit and upto 3 lakhs: 10%
3 - 5 lakhs : 20%
Above 5 lakhs : 30%
Surcharge removed for Individuals

Corporate tax remains @ 30%

Abhishek Mohta

Abhishek Mohta (Expert)
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15 July 2009 The new income tax slabs for individuals are:
Rs.
0-1,60,000 nil
1,60,001-3,00,000 10%
3,00,001-5,00,000 20%
above 5,00,000 30%

If the assessee is women than Rs.1,60,000 will be replaced by Rs.1,90,000 and in case of senior citizen it will be replaced by Rs.2,40,000