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Substantial relief to individual tax payers

Posted on 26 February 2010,    
 5013    Share  Report

Substantial relief to individual tax payers

GENERAL BUDGET 2010-11

 

In the General Budget 2010-11 presented by the Finance Minister Shri Pranab Mukherjee in the Lok Sabha today, the income tax slabs for individuals have been revised. The new slabs will be as under:

Income upto Rs 1.6 lakh

Nil

Income above Rs 1.6 lakh and upto Rs. 5 lakh

10 per cent

Income above Rs. 5 lakh and upto Rs. 8 lakh

20 per cent

Income above Rs. 8 lakh

30 per cent

           

            The existing limit of Rs 1 lakh on tax saving has been raised by an additional amount of Rs. 20,000 for investment in long term infrastructure bonds as notified by the central government. Contributions to the Central Government Health Scheme have also been allowed as deductions within the overall ceiling for tax rebate, besides contributions to health insurance scheme          s which are currently allowed as deductions under the Income Tax Act.     

 



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