From: sureshk [mailto:[email protected]]
Subject: New Income Tax Slab for FY 2010-11
New Income Tax Slab for FY 2010-11
Income upto Rs.1.6 lakh
Nil
Income above Rs.1.6 lakh and upto Rs.5 lakh
10 per cent
Income above Rs.5 lakh and upto Rs.8 lakh
20 per cent
Income above Rs.8 lakh
30 per cent
Particulars
Taxable/Non-Taxable
Exemption/Rebate
Limit
Taxable Items:
-
-
-
Basic Pay
Fully Taxable
-
-
Dearness Pay
Fully Taxable
-
-
Grade Pay
Fully Taxable
-
-
Dearness Allowance
Fully Taxable
-
-
House Rent Allowance
Fully Taxable
-
-
City Compensate Allowance
Fully Taxable
-
-
Medical Allowance
Fully Taxable
-
-
Family Planning Allowance
Fully Taxable
-
-
Arrear Amount
Fully Taxable
-
-
Maturity Amount of NSC
Fully Taxable
-
-
Total amount withdrawn from NSS
Fully Taxable
-
-
Transport Allowance
Partially Taxable
Rebate
Maximum upto Rs.800 PM
Children Education Allowance
Partially Taxable
Rebate
Maximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid
-
Exempt
Actual amount of HRA received or Expenditure on rent in excess of 1/10th of
the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24
-
Deduction
Maximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V
-
Deduction
Maximum Rs.15,000
U/S 80C
-
Deduction
Maximum Rs.1,00,000
Refund of loan taken for the construction of House
-
Deduction
Maximum Rs.1,00,000
C.P.F / G.P.F
-
Deduction
Maximum Rs.1,00,000
G.I.S
-
Deduction
Actual
LIC Premium
-
Deduction
Maximum Rs.1,00,000
Subscription of N.S.C. / P.P.F
-
Deduction
Maximum Rs.1,00,000
Interest Occurred on investment in N.S.C.
-
Deduction
Maximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund)
-
Deduction
Maximum Rs.1,00,000
Unit Linked Plan
-
Deduction
Maximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course)
-
Deduction
Maximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme
-
Deduction
Maximum Rs.1,00,000
U/S 80D CCC
-
Deduction
Maximum Rs.10,000
U/S 80CCD
-
Deduction
Maximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D
-
Deduction
Maximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children
-
Deduction
Maximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen)
-
Deduction
Maximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen)
-
Deduction
Maximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD
-
Deduction
Handicapped dependents :spouse, son / daughter, parents and brother / sister
- Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB
-
Deduction
Maximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E
-
Deduction
Entire amount (Interest on higher Education/Study loans)
U/S 80 G
-
Deduction
Deduction for contribution to charitable organization
U/S 80U
-
Deduction
Disability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D
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