New Income Tax Slab

This query is : Resolved

Share Report Follow Query Ask a Query

Nitish

Nitish (Querist)
Follow

15 July 2009 Hello. please provide new income tax slab after Budget.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

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)
Follow

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