Articles
Income Tax (IT) Slabs / Brackets and rates
The article also covers some historic slabs and tax rates.
|
One of the most basic queries that I always get is: What are the applicable IT slab rates for the current year?
Well, knowing the IT brackets and the income tax rates for each is one of the most important steps in calculating your income tax liability. |
So, let’s find out what these are for this year.
(Ready to file your income tax return, but confused which form to use? Please read "Income Tax (IT) Return Filing – Which ITR form to use?")
Income tax (IT) slabs / brackets for Financial Year 2010-11, Assessment Year 2011-12
|
Rate |
Income |
||
|
Men |
Women |
Senior Citizens |
|
|
0% |
Less than 1,60,000 |
Less than 1,90,000 |
Less than 2,40,000 |
|
10% |
1,60,001 to 5,00,000 |
1,90,001 to 5,00,000 |
2,40,001 to 5,00,000 |
|
20% |
5,00,001 to 8,00,000 |
5,00,001 to 8,00,000 |
5,00,001 to 8,00,000 |
|
30% |
8,00,001 and above |
8,00,001 and above |
8,00,001 and above |
Notes:
An education cess of 3% is applicable on income tax payable for every income tax assessee.
(Ready to file your income tax return, but confused which form to use? Please read "Income Tax (IT) Return Filing – Which ITR form to use?")
Confused about filling the income tax return form - ITR? Want step by step guidance, and a video tutorial? Please read:
(Want to know the changes in income tax slabs / brackets in budget 2010-11? Please read "Budget 2010-2011: More money for you due to Income Tax slab / bracket changes")
Income tax (IT) slabs / brackets for Financial Year 2009-10, Assessment Year 2010-11
|
Rate |
Income |
||
|
Men |
Women |
Senior Citizens |
|
|
0% |
Less than 1,60,000 |
Less than 1,90,000 |
Less than 2,40,000 |
|
10% |
1,60,001 to 3,00,000 |
1,90,001 to 3,00,000 |
2,40,001 to 3,00,000 |
|
20% |
3,00,001 to 5,00,000 |
3,00,001 to 5,00,000 |
3,00,001 to 5,00,000 |
|
30% |
5,00,001 and above |
5,00,001 and above |
5,00,001 and above |
Notes:
An education cess of 3% is applicable on income tax payable for every income tax assessee.
(Ready to file your income tax return, but confused which form to use? Please read "Income Tax (IT) Return Filing – Which ITR form to use?")
Confused about filling the income tax return form - ITR? Want step by step guidance, and a video tutorial? Please read:
(Want to know what changes budget 2009 has brought about? Please read "Budget 2009-2010: Personal income tax (IT) related changes and impact on you")
Income tax (IT) slabs / brackets for Financial Year 2008-09, Assessment Year 2009-10
|
Rate |
Income |
||
|
Men |
Women |
Senior Citizens |
|
|
0% |
Less than 1,50,000 |
Less than 1,80,000 |
Less than 2,25,000 |
|
10% |
1,50,001 to 3,00,000 |
1,80,001 to 3,00,000 |
2,25,001 to 3,00,000 |
|
20% |
3,00,001 to 5,00,000 |
3,00,001 to 5,00,000 |
3,00,001 to 5,00,000 |
|
30% |
5,00,001 and above |
5,00,001 and above |
5,00,001 and above |
Notes:
A surcharge of 10% of your total income tax liability is applicable if your total income is more than Rs 10,00,000.
An education cess of 3% is applicable on income tax (inclusive of surcharge if there is any) for every income tax assessee.
(Ready to file your income tax return, but confused which form to use? Please read "Income Tax (IT) Return Filing – Which ITR form to use?")
Confused about filling the income tax return form - ITR? Want step by step guidance, and a video tutorial? Please read:
(Want to know how much tax you are saving due to these new IT slabs? Please read "Budget 2008 – Impact of Income Tax Slab / Bracket Changes on You")
Income tax (IT) slabs / brackets for Financial Year 2007-08, Assessment Year 2008-09
|
Rate |
Income |
||
|
Men |
Women |
Senior Citizens |
|
|
0% |
Less than 1,10,000 |
Less than 1,45,000 |
Less than 1,95,000 |
|
10% |
1,10,001 to 1,50,000 |
1,45,001 to 1,50,000 |
NA |
|
20% |
1,50,001 to 2,50,000 |
1,50,001 to 2,50,000 |
1,95,001 to 2,50,000 |
|
30% |
2,50,001 and above |
2,50,001 and above |
2,50,001 and above |
Other articles you might be interested in:
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Note: Please treat the opinion expressed here as a broad suggestion. Please consult your financial planner / investment advisor before making any investment decision.
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Mar 13, 2009
Thanks for the good words...
I would definitely try to write more about loans. In the mean time, please check out the "Loans" section for the articles I have written on loans till now.
Mar 24, 2009
Mar 24, 2009
FOR ASSESSMENT YEAR 2009-2010
I'm sorry, but I do not have the ITR forms in Excel format.
Mar 25, 2009
I have absolutely no experience in the taxation of companies - so would not be able to help you there. Sorry!
Mar 27, 2009
Mar 30, 2009
Good Job.
I would like to know what is the wait period of recieving refund for AY 2007-08. had got the Notice U/s 143(1) to pay tax where they had not taken the TDS i have already paid. hence wrote back to them giving the details. This letter I have sent in first week of March to them. so when should i expect a reply for the same.
Thanks
Monica
Mar 31, 2009
From my experience, I can say that there is no fixed duration - the time for getting a refund depends on the time taken to process your return, which in turn might depend on the load on that particular income tax office.
As I have previously mentioned, there is no fixed duration - the time for getting a refund depends on the time taken to process your return, which in turn might depend on the load on that particular income tax office.
The ITR forms for AY 2009-10 have not been notified yet. Till then, the old ITR forms can be used.
You can download them from the article "Income Tax (IT) Return Filing – Which ITR form to use?".
Apr 22, 2009
benefit for disabled employee. can any one help me?
Apr 22, 2009
Apr 23, 2009
Till date Form no.17 not available in side. can you check and send to us.
There are some deductions available owing to disability.
Please check out these articles:
- Are you disabled? Save income tax under section 80U
- Have a disabled dependent? Save income tax using section 80DD
Form 17 is available under many acts. Can you please specify exactly which form you need?
Apr 27, 2009
Form 17 means challan for TDS/TCS Deposite in bank through e-Net.
My experience lies in personal finance - so I deal with financial situations faced by individuals.
I do not know much about depositing TDS / TCS, as it is done by companies.
Sorry, wouldn't be able to help you there!
May 02, 2009
Please send me challan form 17 in our email we may so that deposit tds for month of april
Hoping for a favourable response from your side
Thanks & Regards
Aggarwal Petrochem
sanjay Aggarwal
May 04, 2009
May 04, 2009
regards,
SH. Z
My experience is with personal finance - I deal with financial situations faced by individuals. Since depositing TDS / TCS is done by companies, I do not know much about it.
Sorry, wouldn't be able to help you!
Conveyance facility provided by the employer (car / cab / bus / etc) is completely tax free for you.
If you are getting an allowance, it is tax free upto Rs. 800 per month / Rs. 9,600 per year.
May 08, 2009
Please send me challan form 17 in our email we may so that deposit tds for month of april
Hoping for a favourable response from your side
Thanks & Regards
May 08, 2009
I am working for an IT Company, I have one fixed deposit of amount 100000/- in SBI 1000 days scheme.
Will i get any tax savings for the same?, if I am submitting the details of this investment to the company?
Kindly clarify.
I am sorry, but I wouldn't be able to help you. Please check out my earlier answers to comments.
Only certain fixed deposits having a maturity of 5 years or more quality for tax benefits under section 80C.
Since your FD doesn't satisfy this condition, you wouldn't be able to claim any tax benefit.
Please check out Fixed Deposits (FD) for saving income tax through section 80C to learn more about tax saving FDs.
Unfortunately, I can not provide a filled up ITR. Sorry!
May 18, 2009
My income is under examption limit i.e. 150000/- p.a
I have to submit return for nil tax liability, so send me format of return. ITR 1 or ITR 2
May 27, 2009
As I am going for higher studies in India, I am withdrawing my PF for the last two years which is being taxed. I only have two years and 9 months of work experience.
Can you please let me know the TAX bracket for TDS deducted. Is for this year or the year for which PF belongs to?
Could you please let me know If I can continue this PF account as dormant for 2-years and get it transfered one's i join a new company post completion of my studies.
Thanking you in anticipation.
You can download it from here: http://www.raagvamdatt.com/module-Downloads-sublevel-cid-3-start-0.html
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There is no separate tax slabs for TDS. TDS is done depending on your tax liability of the particular financial year.
Since you are withdrawing the PF this year, the tax brackets of this year would apply.
If your company has a private PF trust, it may not allow you to continue the PF account dormant. Otherwise, it should be possible.
Jul 21, 2009
I have leased my land to M/s BPCL for rental of Rs. 19500/month(rs. 234000pa) They have been doing TDS at 15.45 % (15 % + 3%) on the rental. I have no other income. I have also saved Rs. 54000 u/s 80c. Being a women, my tax liability is nill. Which IT form do I need to fill to get the refund ?.
If letting out the land on rent is your business, the income is "income from business and profession". You would need to file ITR4 in this case.
If you are not doing it as a business, it is "other income" for you, and you can file ITR1.
Oct 20, 2009
If her income is below the threshold, she is not required to file a return.
Dec 08, 2009
I would like to know about the tax on bonus (Yearly Rs 50000 ).My CTC is ( 6.5 L p.a which includes bonus & all other allowances). But the issue , they have deducted 30 % of the bonus ( = 15000).I have got only 35000 .
I have investments up to 1 Lakh under 80C .TDS deduction every month is Rs 4000 approximately( excluding Bonus part).Could you please let me know why did they deduct 30 % in the bonus amount ? Is there any guidelines from Government regarding the tax on bonus?
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