Tax Slabs

Assessment Year

ProposedNew< 		  
Individual HUF AOP BOI Companies
Income Slab (Rupees) Male Female
Senior Citizen

Artificial Juridical Persons

 Hindu Undivided Family Association of Persons Body of Individuals Firm  Domestic Companies Local  Authorities Foreign Companies
Upto       - 1,60,000 Nil Nil Nil Nil Nil Nil Nil 30% 30% 30% 40%
1,50,001 - 1,90.000 10% Nil Nil 10% 10% 10% 10% 30% 30% 30% 40%
1.90,001 - 2,40,000 10% 10%
Nil
 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% 20% 30% 30% 30% 40%
Above      5,00,000 30% 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
 
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 Key man 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
Income from Salary Now, standard deduction is withdrawn
Capital Gains Based on holding period of asset gain is classified as long term or short term.
Where security transaction tax (STT) is paid benefit of lower tax rate is available on the
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 annual membership is Rs 25,000/annum