Income Tax Amendments 2010-2011

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2010 Sir, plz tell me about Income Tax Amendments for A.Y.2011-2012

S. Karthi

S. Karthi (Expert)
Follow

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.