Income Tax slabs have been increased slightly (by Rs. 10,000 for men & women and Rs. 15,000 for Senior Citizen) for the Assessment Year 2009-10. The updated income tax slabs are:
Income Tax Slabs 2009/2010 for Men
Income: upto 1.6 lacs NO TAX
Income : 1.6 lacs to 3 lacs 10 %
Income : 3 lacs to 5 lacs 20 %
Income : above 5 lacs 30 %

Income Tax Slabs 2009/2010 or Women


Income : upto 1.9 lacs NO TAX
Income : 1.9 lacs to 3 lacs 10 %
Income : 3 lacs to 5 lacs 20 %
Income : above 5 lacs 30 %

Income Tax slabs 2009/2010 for Senior Citizen

Income : upto 2.4 lacs NO TAX
Income : 2.4 lacs to 3 lacs 10 %
Income : 3 lacs to 5 lacs 20 %
Income : above 5 lacs 30 %
In addition to the income tax calculated according to the above income tax slabs, a 3% of Education cess will be charged on the total Income tax paid (not on the total taxable income). If the taxable income exceeds Rs. 10 lacs, a 10% surcharge on the total income tax (not on the total taxable income) is also charged.

Preperation & Calculation of your Income-Tax for the Assessment Year 2009-10 in Excel Format Download Here

on February 7, 2010
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