New Income Tax Slab for 2010 - 2011

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 now.


However, it has increased the Minimum Alternate Tax (MAT) from existing 15 per cent to 18 per cent on book profits of those companies which do not pay tax because of various exemptions.

New Income Tax slabs

General tax payers

Up to Rs 1,60,000 — NIL
Rs 1,60,001 to Rs 5,00,000 — 10 per cent
Rs 5,00,001 to Rs 8,00,000 — 20 per cent
Rs 8,00,000 and above —30 per cent

Women

Up to Rs 1,90,000 — NIL
Rs 1,90,001 to Rs 5,00,000 —10 per cent
Rs 5,00,001 to Rs 8,00,000 — 20 per cent
Rs 8,00,000 and above — 30 per cent

Senior citizens of 65 years and above

Up to Rs 2,40,000 — NIL
Rs 2,40,001 to Rs 5,00,000 — 10 per cent
Rs 5,00,001 to Rs 8,00,000 — 20 per cent
Rs 8,00,000 and above — 30 per cent