Thursday, July 9, 2020
Finance

INCOME TAX EXEMPTION LIMIT- 2010-11

Basic Slabs for Individuals :-
Excemption limit raised from Rs. 5,00,000 to Rs. 8,00,000
Up to Rs.1,60,000 NIL
Rs. 1,60,000 to Rs.5, 00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20 %
Above Rs. 8,00,000 30 %
Basic Slabs for Women under the age of 65 years old :-
Excemption limit raised from Rs. 5,00,000 to Rs. 8,00,000
Up to Rs. 1,90,000 NIL
Rs. 1, 90,000 to Rs. 5,00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20 %
Above Rs. 8,00,000 30 %
Basic Slabs for Senior Citizen (Over 65 years):-
Excemption limit raised from Rs. 5,00,000 to Rs. 8,00,000
Up to Rs. 2,40,000 NIL
Rs. 2,40,000 to Rs.5,00,000 10 %
Rs. 5,00,001 to Rs. 8,00,000 20%
Above Rs. 8,00,000 30%
  • Levy of surcharge has been withdrawn for personal income tax payers.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 shall continue to be levied at the rate of  3 % respectively of income-tax.
  • Agricultural income is exempt from income-tax.