Tax
Slabs
Assessment Year
2009-2010
ProposedNew |
|
Individual |
HUF AOP BOI |
Companies |
|
Income Slab (Rupees) |
Male |
Female |
|
Artificial Juridical
Persons |
Hindu Undivided Family
|
Association of Persons |
Body of Individuals
|
Firm
|
Domestic Companies |
Local Authorities
|
Foreign Companies |
|
Upto - 1,60,000
|
Nill |
Nill |
Nill |
Nill |
Nill |
Nill |
Nill |
30% |
30% |
30% |
40% |
|
1,50,001 - 1,90.000 |
10% |
Nill |
Nill |
10% |
10% |
10% |
10% |
30% |
30% |
30% |
40% |
|
1.90,001 - 2,40,000 |
10% |
10% |
|
10% |
10% |
10% |
10% |
30% |
30% |
30% |
40% |
|
2,40,001 - 3,00,000 |
10% |
10% |
10% |
10% |
10% |
10% |
10% |
30% |
30% |
30% |
40% |
|
3,00,001 - 5,00,000 |
20% |
20% |
|
20% |
20% |
20% |
20% |
30% |
30% |
30% |
40% |
|
Above 5,00,000
|
30% |
30% |
|
30% |
30% |
30% |
30% |
30% |
30% |
30% |
40% |
|
Surcharge @ 10% on basic tax if income
exceeds Rs. 10 lacs (Companies Rs. 1 crore.) |
|
Education cess @ 3% on basic tax and surcharge
|
|
|
TAX SOPS |
|
Exemption |
Section |
Particulars |
|
10(1) |
Agriculture Income |
|
10(10A) |
Commutation of
Pension - subject to certain conditions |
|
10(10D)
|
Amount received
under Life Insurance Policy other then Keyman and non 1:5 policies |
|
10(13A)
|
House Rent
Allowance � lower of following: |
Amount HRA received |
|
Rent paid (minus) 10% of
Salary (basic) |
|
50% of salary in 4 metros
or 40% in other cities
|
|
10(14)
|
Conveyance
allowance Rs. 800/- per month |
|
10(34)
|
Dividend where
Dividend Distribution Tax is paid |
|
10(38)
|
Long term capital
gain on equity share or unit of equity oriented fund |
|
|
|
Deduction |
Section |
Particulars |
|
24 |
Interest on borrowed capital purchase of house Rs. 1.50 lacs subject to certain conditions. |
|
80D
|
Medical Insurance Rs. 10,000/- (Rs. 15,000 for senior citizen) |
|
80E
|
Interest paid on loan taken for higher education |
|
80G |
Donation to various fund. For example: |
|
100% |
donation to Prime Minister Relief Fund |
|
50%
|
donation to charitable trust |
|
80GG |
Deduction of rent paid where one does not get HRA least of following: |
Rs. 2000 PM |
|
25% of total income |
|
Rent paid (minus) 10% of total income
|
|
80U
|
Deduction to persons with specified disability Rs.50,000 and Rs. 75,000 for severe disability |
|
880C |
Deduction in respect of certain investment which were earlier entitle for rebate u/s 88. |
Maximum Rs. 100,000. |
|
Eligible investments � EPF,PPF, Life Insurance premium, repayment of principal amount of housing loan, ELSS, NSC, NSS, tuition fees, infrastructure bonds, etc. |
|
Now, entire 1 lacs can be invested in any one or more of the eligible investments. |
|
80CCC |
Maximum deduction of Rs. 10,000/- in respect of pension policy. |
|
80CCD |
Deduction in respect of contribution to pension scheme of Central Government � subject to certain conditions |
|
80CCE |
Maximum deduction u/s 80C, 80CCC and 80CCD is Rs.
100,000/ |
|
|
Computation of Income |
|
|
Now, standard deduction is withdrawn
|
|
|
|
|
|
|
|
|
nBased
on holding period of asset gain is classified as long term or
short term.
|
nWhere
security transaction tax (STT) is paid benefit of lower tax rate
is available on the
gain.
|
|
|
|
|
|
Filing Of Return |
|
If a person is enjoying any of the
following item, he/she has to file his/her return. |
Occupation of a House |
|
Ownership of a motor car |
|
Expenditure on foreign travel |
|
Holder of credit card |
|
Electricity payments in excess of Rs 50,000/annum
|
|
Member of any club whose anual membership is Rs 25,000/annum
|
|
|
|
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