Union Budget 2010: New income tax slabs

Posted By: Staff
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New Delhi, Feb 26: Finance Minister Pranab Mukherjee gave good news to the aam admi in his Union Budget 2010 when he delcared that for income upto 1.6 lakhs the tax liability is nil.

The new income tax slabs as proposed on Friday, Feb 26 are tabulated below:

Income                                                    Tax

Upto 1.6 lakh                                            Nil

Between 1.6 lakh - 5 lakh                    10 per cent

Between 5 lakh - 8 lakh                       20 per cent

Above 8 lakh                                     30 per cent

Additional investment of 20K in infra bonds over and above Rs 1 lakh in 80C.

Old Slabs

Income                       Tax

Rs 1.6 to 3 lakh         10 per cent

Rs 3-5 lakh               20 per cent

Rs 5 lakh and above   30 per cent

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