INCOME TAX SLAB FOR 2009 Following income tax tables indicate income tax slab for "2008-2009".

The first column indicates the income tax slab, and the second column indicates the income tax applicable on income. Income tax indicates the percentage that needs to be paid as tax on your income. India Income tax slabs 2008-2009 for Men Income tax slab (in Rs.) Tax 0 to 1,50,000 1,50,000 to 3,00,000 3,00,000 to 5,00,000 No tax 10% 20%

Above 5,00,000 30% India Income tax slabs 2008-2009 for women Income tax slab(in Rs.) Tax 0 to 1,80,000 1,80,000 to 3,00,000 3,00,000 to 5,00,000 No tax 10% 20%

Above 5,00,000 30% India Income tax slabs 2008-2009 for Senior citizen Income tax slab(in Rs.) Tax 0 to 2,25,000 2,25,000 to 3,00,000 3,00,000 to 5,00,000 Above 5,00,000 No tax 10% 20% 30%

Main attraction - Income tax exemption limit increased. Income tax exemption limit for senior citizens is now 2.4 lakh, for women it is 1.90 lakh and for all others the income tax exemption limit will be 1.60 lakh.


Income tax slab base for 2009-2010 raised to 1.60 lakh for individual tax payer. This in an increase of slab base from the earlier Rs 1.50 lakh. For women the exemption limit according to latest tax slab will be Rs 1.90 lakh, which is an increase of Rs 10,000 from the earlier rate of Rs 1.80 lakh. Senior citizens will enjoy an extra Rs 15000 as the exemption limit is increased to Rs 2.40 lakhs from an earlier 2.25 lakhs.

INCOME TAX SLAB FOR 2011 Following income tax tables indicate income tax slab for "2010-2011". The first column indicates the income tax slab, and the second column indicates the income tax applicable on income. Income tax indicates the percentage that needs to be paid as tax on your income.

India Income tax slabs 2010-2011 for Men Income tax slab (in Rs.) 0 to 1,60,000 1,60,001 to 5,00,000 5,00,001 to 8,00,000 Tax No tax 10% 20%

Above 8,00,000 30% India Income tax slabs 2010-2011 for Women Income tax slab (in Rs.) Tax 0 to 1,90,000 1,90,001 to 5,00,000 5,00,001 to 8,00,000 No tax 10% 20%

Above 8,00,000 30% India Income tax slabs 2010-2011 for Senior citizen Income tax slab (in Rs.) Tax 0 to 2,40,000 2,40,001 to 5,00,000 5,00,001 to 8,00,000 Above 8,00,000 No tax 10% 20% 30%

General basic exemption limit to be increased from 1,60,000 to 1,80,000. The exemption limit for women assesses to be retained at 1,9 0,000. Basic exemption limit for senior citizens to be increased from 2,40,000 to 2,50,000 Relaxation for Senior Citizens Age criterion for senior citizens to be relaxed from 65 years to 60 years. New category of very senior citizens of 80 years and above to be eligible for higher basic exemption limit of 5,00,000.

2008 Economic Bill Highlights

After two full weeks of fiscal debate, Congress and the Bush administration finally passed the $700 billion bailout of the credit system. The following is a summary of it's major parts: Infusing credit: The intent and focus of the plan is to let banks and lenders sell to the government their troubled assets, mostly mortgage-related. It will allow the Treasury access to the $700 billion in stages, with $250 billion being made available immediately. Taxpayer Protection: The final law includes a number of provisions that supporters say will protect taxpayers. One will direct the president to propose a bill requiring the financial industry to reimburse taxpayers for any net losses from the program after five years. And the Treasury will be allowed to take ownership stakes in participating companies. In addition, over time, taxpayers are likely to make back much if not all of the money the Treasury uses because it will be investing in assets with underlying value. The law includes a stipulation that the Treasury set up an insurance program - to be funded with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 14, 2008. Executive pay: The law will place limits on executive pay for companies selling assets or buying insurance from the Federal government. For example, any bonus or incentive paid to a senior executive officer for targets met will have to be repaid if it's later proven that earnings or profit statements were inaccurate. This is going to be an area of intense litigation. Federal Oversight: The rescue plan will set up two oversight committees. A Financial Stability Board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and the Treasury secretary. A congressional oversight panel, to which the Financial Stability Board will report, will have five members appointed by House and Senate leadership from both parties. Tax Benefits: The Senate-version of the bill that the House passed on Friday included three key tax elements designed to attract House Republican votes. It extends a number of renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels. The law also continues a host of other expiring tax breaks. Among them: the research and development credit for businesses and the credit that allows individuals to deduct state and local sales taxes on their federal returns.

In addition, the law includes relief for another year from the Alternative Minimum Tax, without which millions of Americans would have to pay the so-called "income tax for the wealthy." Higher FDIC protection: The law raises the FDIC insurance cap to $250,000 from $100,000. It allows the FDIC to borrow from the Treasury to cover any losses that might occur as a result of the higher insurance limit. Federal bank regulators, who first floated the idea to Congress late Tuesday, said that bumping up the insurance limits will help improve liquidity at banks across the country. It may also provide a much-needed dose of confidence for consumers who may be worried about the health of their bank. The plan will also temporarily increase the level of federal insurance for credit union savings to $250,000. Foreclosures: The new law calls on federal agencies to encourage loan servicers to modify mortgages by a number of means - including reducing the principal or interest rate. It also extends a temporary provision that exempts from federal income tax any debt forgiven by a bank to a borrower in a foreclosure. Cost: The law's tax provisions - the bulk of which come from the addition of tax breaks from other legislation - may reduce federal tax revenue by $110 billion over 10 years, according to estimates from the Joint Committee on Taxation. More than half of that is due to the one-year extension of AMT relief. The Congressional Budget Office said it cannot estimate the net budget effects of the troubled asset program because of the many unknowns about that piece of the bill. However, the agency noted in a letter to lawmakers on Wednesday, it expects the program "would entail some net budget cost" but that it would be "substantially smaller than $700 billion."

2011 Economy bill highlight

I-T exemption limit raised to Rs. 1.80 lakh from Rs. 1.60 lakh . Exemption for senior citizens raised to Rs. 2.5 lakh Tax under women slab unchanged. Tax exemption raised to Rs. 5 lakh for senior citizens of 80 years. To increase service tax on air travel Excise and customs duty proposals to result in the net gain of Rs. 7,300 crore. Export duty rates on iron ore unified and kept at 20% ad valorem. Basic customs duty on agricultural machinery reduced to 4.5% from 5% Basic customs duty on raw silk reduced from 30 to 5 per cent Excise and customs duty proposals to result in the net gain of Rs. 7,300 crore Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted. Peak rate of customs duty maintained at 10% in view of the global economic situation. Customs duty exemptions for hybrid auto parts. Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted. Standard rate of central exercise duty maintained at 10%. Central government debt in proportion to GDP will be 44.2% in 2011-12. 20% export duty on all grades of iron ore. Basic customs duty reduced on certain textile products No change in service tax rate of 10%. No change in central excise duty. Plan to levy 1% on 130 consumer items. Revenue deficit fixed at 2.3 per cent in revised estimates of 201011 and 1.8 per cent in 2011 12, Total plan expenditure will go up 100 per cent in nominal terms in the next year 15% tax on dividend for Indian cos from foreign unit.

Direct Tax proposals result in expenditure of Rs. 11,500 cr. To reduce surcharge on domestic companies to 5% from 7.5% MAT rate hiked to 18.5% from 18%. MAT on developers in SEZs to be levied. Fiscal deficit revised to 5.1% from 5.5% for FY'11 Total expenditure raised by 13.4% at Rs. 12.57 lakh cr over budget estimates Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12 Bill to amend India Stamp Act soon. Budget allocation of Rs. 100 cr for Ladakh and Rs. 150 cr for Jammu for implementation of projects identified by taskforce Old age pension to persons of over the age of 80 raised from Rs. 200 to Rs. 500 Health allocation up by 20% to R 27,600 cr. Rs. 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism. To set up 15 more mega food parks. Remuneration of anganwadi workers raised from Rs. 1,500 to Rs. 3,000 per month. Helpers to get Rs. 1,500 from Rs. 750 Tax free bonds of Rs. 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco. Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs. 6,755 crore in the current year to Rs. 7,860 crore. Rs. 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala. Rs. 200 cr for environmental remediation programme. Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme To move insurance, pension and banking bills in Parliament Rs. 500-cr for National Development Fund. Rs. 400-cr as one-time grant for IIT-Kharagpur. Move to set up State Innovation Councils underway.

Allocation to education sector raised to Rs. 52,000 cr Scholarship scheme for SC/ST students in classes iX, X. Increase in allocation to higher education Increase in remuneration for Anganwadi workers from Rs. 1,500 to Rs. 3,000 per month. Plan 17% increase in social sector spending. To introduce Food Security Bill Tax free bonds of Rs. 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco. Fertiliser industry to be included under infrastructure category. New companies bill to be introduced. GoM to be set up to deal with corruption Five-fold strategy to deal with black money. Mega cluster for leather products to be introduced. Existing interest subvention scheme on short term farm loans at 7 % interest to continue. Self-assessment in customs to be introduced. Credit flows to farmers raised from Rs. 3.75 lakh crore to Rs. 4.75 lakh crore. Constitution Amendment Bill for introduction of GST in this session. Goods and Services Tax Bill this year. Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report. Public Debt Management Agency Bill in the next fiscal. Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs. To liberalise FDI policy further. To extend infra tax breaks to fertiliser sector. To set up microfinance equity fund. Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion. 3% interest subvention to farmers who repay in time.

Nabard capital base to be increased by infusing Rs. 10,000 cr Rural housing fund increased to Rs. 3,000 cr Banks asked to step up lending to agriculture. Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs. 6,755 crore in the current year to Rs. 7,860 crore. Budget proposes to raise housing loan limit from Rs. 20 lakh to Rs. 25 lakh for priority sector lending. Allocation for farm development hiked to Rs. 7,860 cr. Rs. 300 cr proposed to promote production of cereals. Indian micro-finance equity with SIDBI to be formed at Rs. 100 crore. Rs. 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms RBI to bring in new guidelines for banking licences. Aiming Fiscal deficit of 3% by fiscal 2014 Central electronic registry to reduce fraud cases. FII investment limit for infra corporate bonds hiked to $40 billion. Discussions on to further liberalise FDI policy. Preparation of GST rollout in final stages. Microfinance equity fund of Rs. 100 cr proposed. Govt committed to hold 51% in PSUs. Rs. 3,000 cr to Nabard for handloom societies. Women self-help group development fund to be set up. Direct transfer of subsidy for kerosene. Goods and Services Tax Bill to be introduced in Parliament this year. Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report. Disinvestment target at Rs. 40,000 cr. Direct Tax Code from April 2012. SEBI-registered MFs to be allowed direct access to foreign funds.

Expect RBI to moderate inflation. Public Debt Management Agency Bill to be introduced next financial year. Current account deficit and average inflation in 2011-12 likely to be less than current year. FDI policy review done in Sept 2010. Economic growth in 2011-12 likely to be 9 per cent. Admits large-scale diversion of kerosene. Introduction of DTC will be a watershed moment. Debt managment bill to be introduced. Constitutional Amendment Bill on GST to be introduced. Expect agri sector to grow at 5.4% in 2011. Growth in 2010-11 broad-based. Economy resilient to shocks. RBI measures will further moderate inflation. GDP estimated growth at 8.6% in real terms. New dynamism in rural economy. Core inflation in check. Current account deficit is at 2009-10 levels, and is a matter of concern. Huge difference in wholesale and retail prices not acceptable. Total food inflation down from 20.2 per cent last year to 9.3 per cent in Jan Revival in private investment should be sustainable. Service growing in double digits. Need to reconcile legitimate environmental concerns with developmental needs. Food Inflation has declined by half, but still a matter of concern