Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday.
The current income tax exemption limit is Rs 1.5 lakh (Rs 150,000) for men, Rs 1.8 lakh (Rs 180,000) for women and Rs 2.25 lakh (Rs 225,000) for senior citizens.
Surcharge and Education Cess—
Levy of surcharge has been withdrawn for personal income tax payers . Earlier surcharge was levied at 10% having total income exceeding Rs. 10,00,000/- on such cases.
"Education Cess on Income-tax" and "Secondary and Higher Education Cess on income-tax" shall continue to be levied at the rate of two per cent and one per cent respectively of income-tax.
Income tax slab tables for your quick reference
India Income tax slabs 2009-2010 for Men
| Income tax slab (in Rs.) | Tax |
|---|---|
| 0 to 1,60,000 | No tax |
| 1,60,001 to 3,00,000 | 10% |
| 3,00,001 to 5,00,000 | 20% |
| Above 5,00,000 | 30% |
India Income tax slabs 2009-2010 for women
| Income tax slab(in Rs.) | Tax |
|---|---|
| 0 to 1,90,000 | No tax |
| 1,90,001 to 3,00,000 | 10% |
| 3,00,001 to 5,00,000 | 20% |
| Above 5,00,000 | 30% |
India Income tax slabs 2009-2010 for Senior citizen
| Income tax slab(in Rs.) | Tax |
|---|---|
| 0 to 2,40,000 | No tax |
| 2,40,001 to 3,00,000 | 10% |
| 3,00,001 to 5,00,000 | 20% |
| Above 5,00,000 | 30% |
The rates for persons not resident in India, including companies other than domestic companies,are the same. Basically, for corporate there are no tax rate changes and hence is at statuesque.
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