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Friday, March 5, 2010

Income tax rates for financial 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 1,60,000NIL
From 1,60,001 to 5,00,00010%
From 5,00,001 to 8,00,00020%
Above Than 8,00,00030%
Individual Female (Below the Age of 65 Years)
Up to 1,90,000NIL
From 1,90,001 to 5,00,00010%
From 5,00,001 to 8,00,00020%
Above Than 8,00,00030%
Senior Citizen (Above than 65 years of age)
Up to 2,40,000NIL
2,40,001 to 5,00,00010%
5,00,001 to 8,00,00020%
Above Than 8,00,00030%


In addition to Rs. 1,00,000/- savings in Section 80C now we can save additionally Rs 20,000/- in long-term infrastructure bonds as notified by the Central Government.

Any citizen in unorganized sector can open NPS account for the financial year (2010-11) with minimum payment 1000 and maximum 12,000. Government will pay Rs,1000 for next 3 years.

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