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% |
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.
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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