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07 December 2010 new slabs of income tax

07 December 2010 https://www.caclubindia.com/forum/income-tax-rate-2010-11-exemption-deduction-115102.asp

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07 December 2010 hello vipin bhai,
Below is IT rates for AY 2011-12

Income Tax Rates
/Slabs for Assesment Year 2011-12 (F Y 2010-11)
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.
For Local Authorities
Local Authorities are taxable @ 30 percent. Surcharge is not applicable. Education cess is applicable @ 3 percent on income-tax.
For Firms [(including Limited Liability Partnership (LLP)]
• Firms (including LLP) are taxable @ 30 percent
• Surcharge is not applicable
• Education cess is applicable @ 3 percent on income-tax.
For Domestic Companies
• Domestic companies are taxable @ 30 percent
• Special method for computation of total income of insurance companies. The rate of tax on profits from life insurance business is 12.5 percent
• Surcharge is applicable @ 7.5 percent if total income is in excess of INR 10,000,000. Marginal relief may be available
• Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).
For Foreign Companies
• Foreign companies are taxable @ 40 percent
• Surcharge is applicable @ 2.5 percent if total income is in excess of INR 10,000,000.Marginal relief may be available
• Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).


Minimum Alternate Tax
• Minimum Alternate Tax (MAT) is levied @ 18 percent of the adjusted book profits in the case of those companies where income-tax payable on the taxable income according to the normal provisions of the Income-tax Act, 1961 (the Act), is less than 18 percent of the adjusted book profits.
• MAT credit is available for 10 years
• Surcharge is applicable @ 7.5 percent in the case of domestic companies if the adjusted book profits are in excess of INR 10,000,000. Marginal relief may be available
• Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).



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Querist : Anonymous

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07 December 2010 thank you Vinu sir.



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