Union Budget 2010: New income tax slabs

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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