Mr. Pranab Mukherjee, Finance Minister revised the tax slabs for giving a relief to the middle class for the next financial year.
The finance minister proposed the following slabs for individual tax payers:
There will be no tax for income upto Rs 1.6 lakh.
For income between 1.6 lakh - 5 lakh, the tax liability will be 10%.
For income between 5 lakh - 8 lakh, the tax liability will be 20%.
Individuals with income of above 8 lakh will have tax liability of 30%.
Additional investment of 20000 in infra bonds over and above Rs 1 lakh in 80C
Source: http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/Union-Budget-2010-Finance-Minister-revises-tax-slabs/articleshow/5619396.cms
There will be no tax for income upto Rs 1.6 lakh.
For income between 1.6 lakh - 5 lakh, the tax liability will be 10%.
For income between 5 lakh - 8 lakh, the tax liability will be 20%.
Individuals with income of above 8 lakh will have tax liability of 30%.
Additional investment of 20000 in infra bonds over and above Rs 1 lakh in 80C
Source: http://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/Union-Budget-2010-Finance-Minister-revises-tax-slabs/articleshow/5619396.cms
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