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:
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.
Rs 1.6 to 3 lakh 10 per cent
Rs 3-5 lakh 20 per cent
Rs 5 lakh and above 30 per cent