New Income Tax Slab for FY 2010-11



Income upto Rs.1.6 lakh Nil
Income above Rs.1.6 lakh and upto Rs.5 lakh 10 per cent
Income above Rs.5 lakh and upto Rs.8 lakh 20 per cent
Income above Rs.8 lakh 30 per cent




Particulars Taxable/Non-Taxable Exemption/Rebate Limit
Taxable Items: - - -
Basic Pay Fully Taxable - -
Dearness Pay Fully Taxable - -
Grade Pay Fully Taxable - -
Dearness Allowance Fully Taxable - -
House Rent Allowance Fully Taxable - -
City Compensate Allowance Fully Taxable - -
Medical Allowance Fully Taxable - -
Family Planning Allowance Fully Taxable - -
Arrear Amount Fully Taxable - -
Maturity Amount of NSC Fully Taxable - -
Total amount withdrawn from NSS Fully Taxable - -
Transport Allowance Partially Taxable Rebate Maximum upto Rs.800 PM
Children Education Allowance Partially Taxable Rebate Maximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid - Exempt Actual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24 - Deduction Maximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V - Deduction Maximum Rs.15,000
U/S 80C - Deduction Maximum Rs.1,00,000
Refund of loan taken for the construction of House - Deduction Maximum Rs.1,00,000
C.P.F / G.P.F - Deduction Maximum Rs.1,00,000
G.I.S - Deduction Actual
LIC Premium - Deduction Maximum Rs.1,00,000
Subscription of N.S.C. / P.P.F - Deduction Maximum Rs.1,00,000
Interest Occurred on investment in N.S.C. - Deduction Maximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund) - Deduction Maximum Rs.1,00,000
Unit Linked Plan - Deduction Maximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course) - Deduction Maximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme - Deduction Maximum Rs.1,00,000
U/S 80D CCC - Deduction Maximum Rs.10,000
U/S 80CCD - Deduction Maximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D - Deduction Maximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children - Deduction Maximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD - Deduction Handicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB - Deduction Maximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E - Deduction Entire amount (Interest on higher Education/Study loans)
U/S 80 G - Deduction Deduction for contribution to charitable organization
U/S 80U - Deduction Disability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D

Source: CGStaffNews

Comments

Anonymous said…
Good Attempt ... but kindly clarify what you have given regarding the rebate for Transport Allowance
March 3, 2010 at 12:27 PM
Anonymous said…
what about physicallyhandicapped persons transport allowance tax examtion whether fully exemt or partially and , tax examtion for PH 50000/ or 75000, 100000, sir I have 70% disiability how much I exemt for tax plz clriry it thank u
March 18, 2010 at 8:28 PM
Anonymous said…
I am getting now getting rebet only 800/ P.M on tranceport examtion and Iam getting income tax exmtion 50000/ so in new tax code for the year 2010-2011 Ihave 70% disibility ortho cader rate how much I am going to get plz clarifiti thank u
krishnamurthy.
March 18, 2010 at 8:33 PM
Venkat said…
Whether the monthly subscription towards Central Government Health Scheme (CGHS)is exempted under Section 80 D of Income Tax Act...??
Please confirm..... thanks in advance....
April 1, 2010 at 1:04 PM
Anonymous said…
CGHS subscription will be exempted u/s 80D. pl send order or link.
April 3, 2010 at 10:43 AM
gururajam said…
i want information about income tax slab for minister of defense for year 2010-11
October 21, 2010 at 2:40 PM
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