INCOME TAX RATE 2010-11 ,SLAB RATE ,MAJOR EXEMPTION...

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INCOME TAX RATE 2010-11 ,SLAB RATE ,MAJOR EXEMPTION...

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INCOME TAX RATE 2010-11 ,SLAB RATE ,MAJOR EXEMPTION & DEDUCTIONS
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Income Tax Rates (For Individuals, HUFs, Association of Persons, Body of Individuals) ASSESSMENT YEAR 2011-2012 RELEVANT TO FINANCIAL YEAR 2010-2011 download the complete page in PDF format from link given at the end of the post.

I TAX RATES FOR INDIVIDUALS OTHER THAN II & III BELOW

Upto 1,60,000 1,60,000 to 5,00,000 5,00,000 to 8,00,000 8,00,000 & above - Nil - 10% of the amount exceeding 1,60,000 - Rs.34,000 + 20% of the amount exceeding 5,00,000 - Rs.94,000 + 30% of the amount exceeding 8,00,000
USEFUL POST How to calculate HRA (house rent allownace) exemption How to Fill advance tax challan/ self assessment challan 280 FOLLOW BY EMAIL

II TAX RATES FOR RESIDENT WOMEN BELOW 65 YEARS

Upto 1,90,000 1,90,000 to 5,00,000 5,00,000 to 8,00,000 8,00,000 & above - Nil - 10% of the amount exceeding 1,90,000 - Rs.31,000 + 20% of the amount exceeding 5,00,000 - Rs.91,000 + 30% of the amount exceeding 8,00,000

NEW TAX SLABS INCOME TAX 11-12 TAX CALCULATOR BUDGET 2011

III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 65 YRS AND ABOVE
Upto 2,40,000 2,40,000 to 5,00,000 5,00,000 to 8,00,000 8,00,000 & above - Nil - 10% of the amount exceeding 2,40,000 - Rs.26,000 + 20% of the amount exceeding 5,00,000 - Rs.86,000 + 30% of the amount exceeding 8,00,000

INCOME TAX ACT 2010-11 EBOOK FREE DOWNLAOD 21 USEFUL TAX CHARTS INCOME TAX TDS TCS SERVICE TAX PF STAMPDUTY VAT DUE DATES ETDS RETURN SOFTWARE FREE income Tax calculator for Salaried employees TDS on Salary circular 2010-11Fy (8-2010) How to type Rupee new symbol from key Board

There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.

EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.

EXEMPTIONS/DEDUCTIONS FROM SALARY 1. VOLUNTARY RETIREMENT 10(10C)

Amount received or receivable (ie.,in instalments) by an employee on his voluntary retirement in accordance with any scheme of Voluntary Retirement is exempt to the extent of Rs.5,00,000, provided the VRS is in accordance with Rule 2BA of IT Rules. However no 89(1) relief can be claimed.
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2. HOUSE RENT ALLOWANCE EXEMPT U/S.10(13A) Read with Rule 2A of IT Rules 1962
a) Actual HRA received b) Rent paid in excess of 10% of Salary c) 50% of Salary in Metro Cities or 40% of Salary in other cities Least of a), b), c) is exempt. NOTE: Here Salary means Basic Salary as well as DA if the terms of employment so provide. : Rs.xxxx : Rs.xxxx : Rs.xxxx

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3. CONVEYANCE ALLOWANCE:
Any allowance granted to meet the expenditure incurred wholly, necessarily and exclusively on conveyance in performance of the duties of office and so certified by the employer is exempt u/s.10(14).

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4. TRANSPORT ALLOWANCE:
Any allowance granted to an employee to meet the expenditure for the purpose of commuting between the place of his residence and the place of his duty to the extent upto Rs.800/- per month is exempt u/s.10(14).

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5.

MEDICAL REIMBURSEMENT:

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An amount of Rs.15,000 or the actual amount reimbursed by the employer whichever is less is exempt u/s.17(2).

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6.

PROFESSION TAX :

Profession Tax levied by the State Government is allowable as a deduction from Gross Salary provided it has been paid.

DEDUCTIONS FROM HOUSE PROPERTY

1. DEDUCTION U/S.23(1) : For let out property, amount actually paid by the owner towards taxes levied by any local authority in respect of the property is deductible from Annual value(taxes pertaining to any previous years). 2. DEDUCTION U/S.24(a) : For let out property, deduction of 30% of the Net Annual Value is

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INCOME TAX RATE 2010-11 ,SLAB RATE ,MAJOR EXEMPTION...

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