New Income tax slab proposed in budget 2010-11

The Finance Minister, in the Budget, changed the tax slabs for men, women and senior citizens. The highest tax slab has now been raised from Rs 5 lakh to Rs 8 lakh. The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.
Male individual below the age of 65 years& HUF tax payers :
New tax slabs:
Slabs (Rs)Rate
0 – 1600000
160001 – 50000010
500001 – 80000020
800001 and above30
Old tax slabs:
Slabs (Rs)Rate
0 – 1600000
160001 – 30000010
300001 – 50000020
500001 and above30

Impact:
Taxable income (Rs)Tax -before budgetTax after budgetSaving
(Rs)(Rs)(Rs)
200000412041200
500000556203501920601
100000021012015861951501
120000027191922041951500
150000036461931311951500
200000051911946761951500
250000067361962211951500
40000001137119108561951500
Female individual taxpayer
New tax slabs:
Slabs (Rs)Rate
0 – 1900000
190001 – 50000010
500001 – 80000020
800001 and above30
Old tax slabs:
Slabs (Rs)Rate
0 – 1900000
190001 – 30000010
300001 – 50000020
500001 and above30
Impact:
Taxable income (Rs)Tax -before budgetTax after budgetSaving
(Rs)(Rs)(Rs)
200000102910290
500000525293192920600
100000020702915552951500
120000026882921732951500
150000036152931002951500
200000051602946452951500
250000067052961902951500
40000001134029108252951500
Senior Citizens
New tax slabs:
Slabs (Rs)Rate
0 – 2400000
240001 – 50000010
500001 – 80000020
800001 and above30
Old tax slabs:
Slabs (Rs)Rate
0 – 2400000
240001 – 30000010
300001 – 50000020
500001 and above30
Impact:
Taxable income (Rs)Tax before budgetTax after budgetSaving
(Rs)(Rs)(Rs)
200000000
500000473792678020599
100000020187915037951500
120000026367921217951500
150000035637930487951500
200000051087945937951500
250000066537961387951500
40000001128879107737951500
News Source: http://www.taxguru.in/budget-2010/new-income-tax-slab-proposed-in-budget-2010-11-and-its-impact-on-male-individual-female-individual-huf-and-senior-citizen.html#ixzz0y6rxER00

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