25 November 2010
Income Tax Rates/Slabs Rate (%) Up to 1,60,000 Up to 1,90,000 (for women) Up to 2,40,000 (for resident individual of 65 years or above) NIL 1,60,001 – 5,00,000 10 5,00,001 – 8,00,000 20 8,00,001 upwards 30 Few amendments made to the taxation system for the FY 2010-11:
* From now onwards there will be only 2 pages in the IT filing form for individuals.
* More cases can now be appealed against.
* Rs. 20,000 tax exemption will be provided for investments in certain investment bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments.
* Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS).
* New fields have been added to the e-TDS/TCS form. These new fields are Ministry name; PAO / DDO code; PAO / DDO registration no.; State name; and Name of the utility used for return preparation.
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