Important Information to calculate your tax

The new income tax rates or Income tax slab applicable for F.Y. 2010-11, A.Y. 2011-12 as announced in Budget 2010 . This is very good news for taxpayer to raise the limit of 10% bracket upto 5 Lakh. Most of the people are confused about income tax rates because a lots of amendments have done like direct tax code (DTC Income Tax Rates). So first find for which year you want to file a return then see the income tax rates/ income tax slab for that year. Suppose now you are going to file income tax returns for F.Y. 2009-10 i.e from 1-4-2009 to 31-03-2010. So you see the income tax slab for Assessment year 2010-11.
The following are the income tax rates announced in union budget 2010 applicable for financial year 2010-11.

Individual Male (Below the Age 65 Years)
Up to 1,60,000	NIL
From  1,60,001 to 5,00,000	10%
From  5,00,001 to 8,00,000	20%
Above Than 8,00,000	30%
Individual Female (Below the Age of 65 Years)
Up to 1,90,000	NIL
From 1,90,001 to 5,00,000	10%
From 5,00,001 to 8,00,000	20%
Above Than 8,00,000	30%
Senior Citizen (Above than 65 years of age)
Up to 2,40,000	NIL
2,40,001 to 5,00,000	10%
5,00,001 to 8,00,000	20%
Above Than 8,00,000	30%

For more information, contact your finance department.