Finance Minister on Wednesday commenced essential tax reforms through a draft code that intends at toning down income tax rates.
So I am giving New Income Tax slab under New Direct Tax code 2009. However, it is proposed right now, and if it gets approval it will be applicable to A.Y. 2011-2012. Updates: (The DTC direct tax code (DTC) will be applicable from 1-4-2011 as stated in Budget 2010. So please see Income tax slab for for A.Y. 2011-2012 here.
| Income Tax Slab Under New Direct Tax Code 2009 applicable for A.Y. 2011-12 | |
|---|---|
| Individual Male | |
| Up to Rs. 1,60,000 | NIL |
| Rs.1,60,001 – Rs.10,00,000 | 10% |
| Rs.10,00,001 -Rs. 25,00,000 | 20% |
| Above Rs. 25,00,001 | 30% |
|
Individual Female
|
|
| Up to Rs. 1,90,000 | NIL |
| Rs.1,90,001 – Rs.10,00,000 | 10% |
| Rs.10,00,001 -Rs. 25,00,000 | 20% |
| Above Rs. 25,00,001 | 30% |
|
Individual Senior Citizens
|
|
| Up to Rs. 2,40,000 | NIL |
| Rs.2,40,001 to Rs. 10,00,000 | 10% |
| Rs.10,00,001 to Rs. 25,00,000 | 20% |
| Above Rs. 25,00,001 | 30% |
Now there is a notice, this draft Tax code will be debated in parliament in the winter session, and if it gets the approval it will be implemented for assessment year 2011.
So at the present time See Income Tax Slab for the current Years
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{ 57 comments… read them below or add one }
i don’t understand why female is given more deduction then male, since in india male is main person to look after his family.
interested to know whether commission amount recd during the year till 10 lakhs will be required to be paind service tax.
or service tax will no more exists
is there any other way to avoid L.T.capital gain tax on sale of H.P., if purchase/construction of new house not completed by end of previous year? i don’t want to lock the money in cap gain bonds for 3 yrs or in special a/c in bank, b’coz i’ve to purchase a house immidiately
Sir,
I feel the basic limit should by Rs 2,40,000 and should be common for all the people like male, female and senior citizens. There should not be tax up to an income of Rs 2,40,000, since one should have at least Rs 20,000 income per month for his survival
Regards
T.SUNDARAM
Sir,
I read with interest the ‘New Direct Tax Code 2009′. I feel that this is again a benefit offered to the rich or the upper middleclass whose income ia above Rs 5.00 lakhs p.a. For the vast majority of individuals earning below Rs 5.00 there is no benefit. It will be a good idea for the income of husband & wife can be clubbed together for IT purposes.
Regards
Venkatakrishnan
thankyou very much
@s.saha
if u even deposit ur money in special account you don’t have any problem in that. You can withdraw the money from it when u require for purchasing the house and u can still get the benefit of excemption from LTCG so your money wont be blocked.
it is good move if gets approved in the house. it wil leave more income in the hands of an individuals and that will help people to save more and spend more which will be good for ec onomy in both ways…
hope it will get OK
Sir,please let me know the age accepted by the income tax dept inrespect of the senior citizen to avail the tax relief.
yes i m really happily surprised that our ministers are working on the right track.
in brief it would be very beneficial to our medium class of people.
hope for the best.
Regards,
B.Nath.
After a long wait govt has a taken a step in a positive direction, lets us see the implication on other investment sec .
Sir,
I feel the basic limit should by Rs 2, 64,000/- and should be common for all the people like male, female. Senior citizens should be allowed tax free income up to Rs 3, 00,000/-. There should not be any tax up to an income of Rs 2,64,000/- since one should have at least Rs 20,000 income per month for his survival and min Rs. 2,000/- saving per month to take care of all emergencies. Senior citizens require more tax free income because of their extra responsibilities.
Regards
Dr Harshad Bhatt
Congress goverment is always favour of rich people. This tax proposal is baseless and meaning less. Government never things middle class and poor people, who’s salary is less then 5 lakh.
This proposal shows ameer admi budget not Gareeb admee. But govt always telling gareeb admi budbget.
though i am female , i like Anil’s comment.
Even I have same doubt.
Plese ,Explain
Sir,
May I know the Income tax Slab for all Categories
I find the new tax code a bit disconcerting. Sure today we would have more money coming into our hands. But at the time of retirement/retrenchment et al. they are going to tax your savings and earnings (private sector employees that is), everything. I think they just want to make India a spending-economy with less stress for saving…As per my current understanding, any form of savings (pfs, gratuities, vrs etc) will be considered as your income and thus will be taxed when you pull it out…There are good n bad associated….will need to wait and watch how they are going to handle retirement-related fund, the main lifeline of the retirees…
Dear sir
my query is
amount deposit u/s 80c upto 31.03.2010 is taxable at the time of withdrawn
Thanks n regards
Dinesh Malhotra
No comments sir
dear sir,
in the new bill 2009 limits & taxation is ok but what happend when capital save for full life in neture of Life insurance ? In PPF or PF or any Other Matual Fund ? in case of Stock portfolio ?
when we took insurance or invest in PPf at that time govt. commited to people maturity of the all amount is exempted. now govt.. fail to fulfil commitment
dear finance minister
u r going to follow univerasl taxation . I agree with u but is this also confirm u will give full protection to old age ( senior citizen ) person like u.k. or u.s.a ?
will u give pention to all the senior citizen ?
will u give accomondation to all senior citizen ?
what is u r ideas about all this things ?????????
Hi,
I want to know what are the service tax slab from 2004 till 2009. I receive income as commission and want to understand the structure, so that I can make the payments if I have missed any.
I agree with my friends comment that an income of 20000 is must for a minimum living in this country. More over the cost of living has gone up where a person is forced to save for his future at least to take care of his minimum requirement. cost of rice per Kg has crossed Rs. 40/-. We cannot predict what will be the cost after 10 years. A person left with few years to retire will be much worried about his future, if he not going to plan his savings accordingly. Minimum slab should give cushion for all these things. Govenmnet should think of salaried people who is now being taxed in all respect.
Worst proposal for individuals earning average salary……..
HRA, Medical, LTA deduction should be there for 10%Tax Slab people.
Beneficial only for person earning handsome salary.
Adverse effect will be there on Stock Market as well as on Real Estate.
Require modifications……..
Dear Sir, In the new Direct Tax code 2009, the income tax slab is useful & beneficily, but deductions releted to investment after maturity i.e. TTT pattern is not good for taxpayers, pls. consider it. Thanking You,
Dear Sir, In the new direct Tax code 2009, the income tax slab is useful & benefissily, but dedection releted to investment after maturity i. e. EET pattern is not good for taxpayers, pls. consider it. Thanking You,
on interst gained from gpf or LIC insurance policy (for short term atleast 3 years), ppf etc whether any tax is to be paid or not
This is a very needful details for us ,
* Tax Rate For Corporate Lavel in not mention in this Site, Please put in this site
Thanking you
Chetan
Dear Sir,
Home loan borrowers getting a waiver on interest payments would no longer get this benefit, if they are staying in their own house. It means we will never make or purchase our own homes in future because we middle class people are totally dependent on loans in every thing.
Respected sir
I need to know the tax slab for physically handicapped female[40%],also benifits for the same.
Thank You.
Dear Sir, In the new Direct Tax code 2009, the income tax slab is useful & beneficily, but deductions releted to investment after maturity i.e. TTT pattern is not good for taxpayers, pls. consider it. Thanking You,
I need to know the tax slab for physically handicapped male employee.
Sir
My insurance policy Mat. on 2018. At that time Mat.Amount upto taxble or not ?
what is the income tax slab for a physical handicapped person?
It seems like a double-edged sword. On one hand, they have reduced the % of tax onslaught, while on the other, they have proposed to add LTA, Medical, HRA, allowances, perks and removed the exemption on home loan interest and principal payment, which takes the lion’s share of a salaried individuals. People will have more disposable income at their hands, alright but it will also discourage the saving tendency and investment plans for future. Plus, at the time of retirement, people will be furtehr taxed for the maturity amount of PFs, pension funds etc. It seems; in order to align the Indian tax system with that of the world’s, the future will be little more unpredictable, maybe difficult. However, I am not sure if there will be ways/options available to save one’s tax onslaught. Keeping omy crossed with a confused state of mind.
get insured for rs 50 lakhs for a little rs 16 RS PER DAY with the iterm Plan buy insurance in few clicks.
Dear sir,
pls send me TDS Calculaters for A.y. 10-11
Dear sir,
my query is
all due date for income tax and tds return.
dear sir,
pls send me ruls for proprietor firm
Dear sir,
Please send me rule for proprietoeship & firm & company
It is harsh on middle income group who belongs between the cetegory of 160000 – 1000000. because in india more people belongs to this category who going to feel the pinch of the same.
Can anyone tell what are the benefits given to taxpayers? Suppose a person has been paying Income Tax religiously for 15 years and then suddenly looses sources of income or unfortunately get handicapped. Does govt. help him in any way? I feel such person should be given some benefits looking at his past tax payments.
well, acc to me the tax slab given by the govt. is good
I feel the new tax code is good…but what i would suggest is that amount spent for basic/daily necessities like food(names to be specified), water, electricity, education, etc shud be fully deducted from taxable amount ofcourse valid supportings shud be submitted. By doing this best part is that people would start asking for bills from shopkeepers thus more shopkeepers/vendors coming under sales tax bracket. If a comparison is made between this am sure that more sales tax can be collected this way.
Women are given more tax benefit, because Sonia Gandhi wants women to work in office and male should cook food, wash clothes, feed kids and of course give birth ti kids. Stupid indian politics. Dont know they have brain or not…
It is harsh on middle income group who belongs between the cetegory of 160000 – 1000000. because in india more people belongs to this category who going to feel the pinch of the same.
I would like to know highlights of new Gst and DTC. AND what will be impact of that changes in brief
Please send me rule for proprietoeship & firm & company
dear sir,
I want to new every updated knowledge about direct tax & indirect tax
hi,
I would like to know that, I have recd Rs 125739/- from LIC of India towards maturity values, whether this is Taxable income ?
Please reply
Regards
Avinash Vaidya
Hi Sir/madam,
I would like to know that, I have recd Rs 45409/- from LIC of India towards maturity values, whether this is Taxable income ?
Regards,
Satishkumar Muttur
i Know that Its Very Easy
I Know Its Very Easy & I Agree With Anu’s Ans
I Agree With Anu Ans.
Sir,
i have PAN no but i m not eligible for pay tax. what should i do? please reply.
Hi,
Why only females have given more..i strongly oppose this rule….
Dear sir,
pls send me TDS Calculaters for A.y. 10-11
thanks
and i want to get updates in my mail-id