This day (06-july-2009) income tax exemption limit subsequent union budget 2009 for individual tax payers was increased by Rs 10,000 for Male below 65 years, women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister.
The current income tax exemption limit is Rs 1.5 lakh (Rs 150,000) for men, Rs 1.8 lakh (Rs 180,000) for women and Rs 2.25 lakh (Rs 225,000) for senior citizens. See Income Tax Slab for A.Y. 2009-10 F.Y. 2008-09.
Finance Minister Pranab Mukherjee removed the surcharge on income above Rs 10 lakh (Rs 1 million) for personal income tax payers.
At the same time he announced Simple Tax Regime, Simple Tax Structure, FBT & CTT revoked, Lawyers to pay Service Tax, Corporate Tax remained Unchanged.
The new income tax slab for A.Y. 2010-11, F.Y. 2009-10 will stand as follows: (Updates: Income Tax Rates for A.Y. 2011-12 – Budget 2010)
| Income Tax Slab for F.Y. 2009-10, A.Y.2010-11 | |
|---|---|
| For Male below 65 Years | |
|
Up to Rs. 1,60,000
|
Nil
|
| Rs. 1,60,001 to Rs. 3,00,000 | 10% |
| Rs. 3,00,001 to Rs. 5,00,000 | 20% |
| Rs. 5,00,001 and Above | 30% |
|
For Women Taxpayers
|
|
| Up to Rs. 1,90,000 | Nil |
| Rs. 1,90,001 to Rs. 3,00,000 | 10% |
| Rs. 3,00,001 to Rs. 5,00,000 | 20% |
| Rs. 5,00,001 and above | 30% |
|
For Senior Citizens
|
|
| Up to Rs. 2,40,000 | Nil |
| Rs. 2,40,000 to Rs. 3,00,000 | 10% |
| Rs. 3,00,001 to Rs. 5,00,000 | 20% |
| Rs. 5,00,001 and above | 30% |
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{ 42 comments… read them below or add one }
Dear Sir,
I really happy with the information given in this site and very knowledge to any one. I have some confusion till now regarding tax calculation.
The queries are as follows.
1) Tax can be calculated on basis salary or gross salary (including all allowanace)….pls give solution.
2) Tax can be paid twice?…ie. if i earn Rs. 550,000 p.a. so how much amount i have to pay as tax?
3) How to get exemption from tax if my income is more than 5,00,000?
4) HOw much penalty can be levied if an assesse fails to pay tax on time?
kindly explain, what is advance tax
Reply to your queries as follows:
1. Tax is calculated on the Net Salary (Basic Salary + Allowances – Deductions)
2. If you are an Salaried employee, it will be the responsibility of the Company to deduct Tax. You need to submit the Investment Proof if any, Rent Receipt if you claim HRA or any documentary proof for any deduction.
3. The basic exemption limit is Rs.160000 whatever be your income
4. In the case of Salary, the onus is on the company to deduct TDS. If you have any other substantial income you need to pay advance tax on the specified dates. Non payment of advance tax will attract an interest on the tax paid
what is the function of pan. please discuss.
Let me know about fringe benfit
Dear Sir,
I have got to know about the new proposed tax structure for 2011-2012, it’s really great hat’s off, but one discouragement I see is in 80c where upon withdrawl the amount including principle is taxable I think priciple should not be taxable or otherwise I don’t see any encouragement to save and even it might have a reverse effect on me as suppose today I am in 10% slab and I save 2 lakh and after 5 years if I am in 20% slab and I withdraw that 2 lakhs I will be taxed 20% which does not seem be fair rather I would save it but not show it as 80c and get only minimun tax deducted.
Any thought from you?
Respected Sir,
I am very appriciating by this multitask infomation given to us .
Thank You,
Information provided on this website is very use full .
Thank you,
nice informations on the site.
thankx
Sir,
pl.clarify what is professional Tax and what are the slab?
i am very happy to get the essential information about income tex.
thanking you sir for its information
deepak dholpur
This information is very useful to all of us. I really appreciate it.
Dear Sir,
I have a query reg double deuction of tax from house income.
I live in my own house which is leased to the company in which I am working for Rs 15000 P.M. Will the rental income of 15000/- P.M. be added to my gross salary once as income from house property & once as perks provided by the company ? please clarify
thanks
p c huddar
My income is 560000 per annum, what will be my tax exumption, invenstment to reduce the tax? How much should I invest in NSC or LIC?
dear sir,
Iam retired state Government emloyee and am drawing pension of Rs.204000. during 2009-10-Fyand 2010-11 As.On 24 thjanuary 2010,my age will be 65yrsD.o.b24-1-1945.kindly inform me whether i have to pay income taxor it will be treated as nil as i will be senior citizen as on 24-1-1945.
Dear Sir,
Whether Children Education Allowance (Tution Fees Reimburshment) for Railway Employees which is given as allowance against re-imburshment is Taxable under income Tax Act or under exemption for government employee.
Thanking You,
1.how do calculate salary income tax
2.what are the deduction and limits
3. various tds percentage and explain
4. what is professional tax explain
5.how do identify direct and inderect tax
Hi,
My rough calculatuions after investing in FULL in 80C and 80D are saying that I am falling short of some 27K ( if proposed 1,90,000 exemption for women falls true ) or some 17K otherwise, to get myself in 10% slab. Or else I ll hv to pay 20%.
Any suggestions of investmest over and above 80C and 80D ?
Regards.
MAM / SIR .
REQUESTING YOU IF YOU COULD HELP ME IN THE CALCULATION OF MY INCOME TAX
MY SALARY IS 25000
INVESTMENT IS 10000 ANNUALY
AND MY HOUSE RENT IN 4000RS PER MONTH
SO HOW MUCH SHOULD MY INCOME TAX BE DEDUCTED … AND HOW WE HAVE TO CALCULATE IT
MAM / SIR .
REQUESTING YOU IF YOU COULD HELP ME IN THE CALCULATION OF MY INCOME TAX
MY SALARY IS 25000
INVESTMENT IS 10000 ANNUALY
AND MY HOUSE RENT IN 4000RS PER MONTH
SO HOW MUCH SHOULD MY INCOME TAX BE DEDUCTED … AND HOW WE HAVE TO CALCULATE IT
Thanks a lot for the informative information.
What about HRA and T.A. according to new notification of Finance Ministry Of India? It is taxable or not? if taxable then what are the exemption limit?
Dear sir,
If the person is haveing more than 25lacs salary
1) where he can invest money
2) which is best option for him to save the tax
3) up to what amount he can save from his salary
4) if he invest entire money in ULIP whether he has to pay any tax or not
Kidnly give us right option
Regards
Raju
Sir,
I am in MPSEB. Please explain my conveyance allownce, orderly alloowance and HRA are taxable ?
Sir
I have some queries -
How to get exemption from tax if my income is more than 5,00,000?
can i gift money (Rs. 50,000 each) to my wife and kids in a same year?
sir,
i would like to know the penalties in case of non -filing of return incase of refund.
please let me know the last date of filing such return.
is any surcharge is there on slab rates? if Male individual income cross more than10,00,000 how much surcharge will liable?
what is the maximum exemption limit for medical?
Please Provide me TDs Calculator for employee other than govt.
It is so nice to finally find a site which gave a clear picture of the tax slabs. It is a poor show that the national portal and the IT website does not have any information on the tax slabs. Why would that be so?
Please provide us details of union budget for Asst. Year 2011-12.
Thanks
I want to know about how to disclosed income from salary as wellas from profession in the return since I have recd. TDS certificate in Form No. 16A for 6 month & will recd. Form No. 16 after march.
Dear Sir,
Please give me information about TDS,Tcs,Service Tax briefly.
How much percentage of TDS,Service Tax,Tcs.
dear sir ,
i am getting a a salary of 20000 p m ,company has not given any brake up, i want to file form 16, how to fill that with this salary pls helpme
suresh g mohod
Dear Sir
If I drawing 5 lakh plus Salary PA
1) where I can invest money
2) up to what amount I can save from my
3) Already 3 yrs investment money ULIP in LIC let me know can I continue & whether its helpful for me.
Kidnly give us right option for Invest & to save tax.
Waiting your valuable reply
Regards
M.Deenadayalan
Please clear my doubt
For senior citizen income up to Rs 2,40,000 no tax
For NRI senior citizen also Income up to Rs 2,40,000 no tax or any change in the limt.
How much Rs of Income is not taxable
For Financial year 2009-2010 In Which form I should file my return For Deposit interest income only
my question is- my slary is 20800/- per month and 2,50,000 p.a.
In which 1000 for Pf, and 417 for Gratutity amt,………1250 medical reimbursment. 18000+ salary i will get……. so how can i save my money or wat shourd i do to save income tax???
Me in living in rented home ( not any rent agreement)
Plz advice and revert back on my email id i given u……….
sir, let me know my taxable income from the following income receive: i received of rs. 24000 as a gift from my relative, ane rs. 15000 each from two friends, and rs. 40000 from my uncle. and gift of rs. 12000 on my brother’s marriage and gift of shares worth rs.300000. let me know how they will be taxable.
Dear Sir,
I want to know how to caleculate the TDS on salary. Whether it is caleculated on Gross salary or Net salary.
Whether Children Education Allowance (Tution Fees Reimburshment) are clamed in icome tax