Budget 2010: No tax for income up to Rs 1.6 lakh

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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.

News Stories on Union Budget 2010

Individuals with income of above 8 lakh will have tax liability of 30 per cent.

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.

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