TAX SLAB

 

Know the new income tax slabs

The new income tax slabs for this financial year would help the common man save up to approximately Rs 50,000 per annum.

Additionally, Budget 2010 also offered an annual deduction of Rs 20,000 towards an investment in long-term infrastructure bonds, on top of whatever 80C deduction a taxpayer might have taken.

If you earn up to Rs 3 lakhs per annum, then there will be no change in your tax liability. If you earn between Rs 3 lakhs to Rs 5 lakhs, you can now save up to Rs 20,000 per annum. And, if you earn between Rs 5 lakhs to Rs 8 lakhs, you can now save between Rs 20,000 to Rs 50,000.

The above amounts are substantial enough and are expected to help promote higher consumption which will further boost our economy. Whether these savings are used to buy big-ticket items such as electronics or white goods, or spent towards daily consumption, or used for investing towards meeting financial goals, the common man will find many ways to take advantage of this tax break.

The following are the new tax slabs according to your gender and age that might be applicable to you.

For Men

Up to Rs 1,60,000 - Nil

From Rs 1,60,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

For Women

Up to Rs 1,90,000 - Nil

From Rs 1,90,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

For Senior Citizens

Up to Rs 2,40,000 - Nil

From Rs 2,40,001 to Rs 5,00,000 - 10%

From Rs 5,00,001 to Rs 8,00,000 - 20%

Above Rs 8,00,001 - 30%

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