Budget 2010: No tax for income up to Rs 1.6 lakh
New Delhi, Feb 26: Finance Minister Pranab Mukherjee on Friday, Feb 26, revised the tax slabs for the next financial year.
Presenting the Union Budget for 2010-11 in Lok Sabha, Mukherjee said tax on income up to Rs 1.6 lakh would be nil and above Rs 1.6 lakh to Rs 5 lakh would be 10 per cent.
For income between Rs 5 lakh to 8 lakh, the tax liability will be 20 per cent.
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Finance Minister Pranab Mukherjee also extended income tax exemption to investment in infrastructure bonds by up to Rs 20,000 over and above the existing limit of Rs one lakh.
In a major relief to the corporate sector, the government proposed to reduce the surcharge on corporate tax to 7.5 per cent from 10 per cent.
OneIndia News