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Friday, March 26, 2010

New Income Tax Slab for FY 2010-11



Income upto Rs.1.6 lakhNil
Income above Rs.1.6 lakh and upto Rs.5 lakh10 per cent
Income above Rs.5 lakh and upto Rs.8 lakh20 per cent
Income above Rs.8 lakh30 per cent




ParticularsTaxable/Non-TaxableExemption/RebateLimit
Taxable Items:---
Basic PayFully Taxable--
Dearness PayFully Taxable--
Grade PayFully Taxable--
Dearness AllowanceFully Taxable--
House Rent AllowanceFully Taxable--
City Compensate AllowanceFully Taxable--
Medical AllowanceFully Taxable--
Family Planning AllowanceFully Taxable--
Arrear AmountFully Taxable--
Maturity Amount of NSCFully Taxable--
Total amount withdrawn from NSSFully Taxable--
Transport AllowancePartially TaxableRebateMaximum upto Rs.800 PM
Children EducationAllowancePartially TaxableRebateMaximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid-ExemptActual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24-DeductionMaximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V-DeductionMaximum Rs.15,000
U/S 80C-DeductionMaximum Rs.1,00,000
Refund of loan taken forthe construction of House-DeductionMaximum Rs.1,00,000
C.P.F / G.P.F-DeductionMaximum Rs.1,00,000
G.I.S-DeductionActual
LIC Premium-DeductionMaximum Rs.1,00,000
Subscription of N.S.C. / P.P.F-DeductionMaximum Rs.1,00,000
Interest Occurred on investment in N.S.C.-DeductionMaximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund)-DeductionMaximum Rs.1,00,000
Unit Linked Plan-DeductionMaximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course)-DeductionMaximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme-DeductionMaximum Rs.1,00,000
U/S 80D CCC-DeductionMaximum Rs.10,000
U/S 80CCD-DeductionMaximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D-DeductionMaximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children-DeductionMaximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen)-DeductionMaximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen)-DeductionMaximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD-DeductionHandicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB-DeductionMaximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E-DeductionEntire amount (Interest on higher Education/Study loans)
U/S 80 G-DeductionDeduction for contribution to charitable organization
U/S 80U-DeductionDisability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D

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