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Salary Income Tax
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Income tax

Individuals, Hindu undiveded families, AOP's, BOI's

The tax rates applicable to individual are also applicable to a HUF, AOP, BOI or an artificial juridicial person.

The rates applicable for the assessment year 2010-11 are as follows:

* For resident woman(who is below 65 years at any time during privious year

Net Income range

Income Tax Rates

Education Cess

sec. & higher edu.Cess

Up to Rs. 1,90,000

Nil

Nil

Nil

Rs. 1.9 lacs to 3.0 lacs

10% of (total income - 1,9,0000)

2% of income tax

1% of income tax

Rs. 3.0 lacs to 5.0 lacs

Rs. 11,000 + 20% of (total income
- 3,00,000)

2% of income tax

1% of income tax

Above Rs. 5,00,000

51,000 + 30% of (total income - 5,00,000)

2% of income tax

1% of income tax


*For resident senior citizen (who is 65 years or more at any time during previous year

Net Income range

Income Tax Rates

Education Cess

sec. & higher edu. Cess

Up to 2,40,000

Nil

Nil

Nil

Rs. 2.4 lacs to 3.0 lacs

10% of ( total income - 2,40,000)

2% of income tax

1% of total income tax

3.0 lacs to 5.0 lacs

6,000 + 20% of (total income - 3,00,000)

2% of income tax

1% of total income tax

5.0 lacs and above

46,000 + 30% of ( total income - 5,00,000)

2% of income tax

1% of total income tax


*For any other individual, every HUF/AOP//BOI/artificial juridicial person


Net Income range Income Tax Rates Education Cess sec. & higher edu.Cess
Up to Rs. 1,60,000 Nil Nil Nil
Rs. 1.6 lacs to 3.0 lacs 10% of ( total income - 1,60,000) 2% of income tax 1% of total income tax
Rs. 3.0 lacs to 5.0 lacs 14,000 + 20% of (total income - 3,00,000) 2% of income tax 1% of total income tax
Above Rs. 5,00,000 54,000 + 30% of ( total income - 5,00,000) 2% of income tax 1% of total income tax
Notes:
1. Surcharge - Nil
2. Education Cess - It is 2% of total income-tax.
3. Secondary and higher education cess - It is 1% of total income-tax.

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Tax Talk
Sunil H P
Partner, Finance mart.
Tax Tips for Salary Income: It should be ensured that, under the terms of employment, dearness allowance form part of basic salary. This will minimise tax incidence on house rent allowance
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