26--2-10:New Income Tax slabes announced in the union Budget for the Year 2010-2011 :

The income tax rate for the year 2010-2011 (Assessment year 2011-2012) announced by the Government is given below. The taxable income should be arrived after deducting maximum savings of Rs 1,00,000, HRA Exemption etc. i.e Taxable income = Gross Income - (Savings Rs 1,00,000 + HRA Exemption + HBA Interest + Rs 20,000 for infrastructure bonds)

In case of individual and HUF

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.1,60,000/-.	NIL
ii.	Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.	10% of amount by which the total income exceeds Rs. 1,60,000/-
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.	Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.8,00,000/-.	Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.