Common questions

What are the old tax slabs in India?

What are the old tax slabs in India?

Old Income Tax Slab New Tax Regime
Upto Rs 5,00,000 NIL Upto Rs 2,50,000
Rs 2,50,001 – Rs 5,00,000
Rs 5,00,001 – Rs 10,00,000 20% Rs 5,00,001 – Rs 7,50,000

What is the income tax slab for AY 2019 20?


Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,001 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Did taxes go up in 2009?

The 2009 rate was significantly lower than the previous low of 19.4 percent in 2003 and well below the 30-year average of 21 percent. The average federal income tax rate also reached a new low, settling at 7.2 percent in 2009 — two points lower than in 2007, the CBO said.

What was the standard deduction in 2009?

For 2009, the standard deduction for married couples filing a joint return rises to $11,400, up by $500 from 2008. For single filers, the amount increases to $5,700 in 2009, up by $250 over 2008. And heads of household can claim $8,350 in 2009, a jump of $350 from 2008.

What was income tax rate in 2010?

2010 Federal Income Tax Rates

If your taxable income is: The tax is:
Over: But not over:
$0 $8,375 ————– 10%
8,375 34,000 $837.50 + 15%
34,000 68,650 4,681.25 + 25%

What was the personal allowance in 2010?

[4] Budget 2010, HC 61 June 2010 (Table 2.1 – item 1). [6] In 2010/11 the higher rate threshold (HRT) was £43,875: the personal allowance of £6,475, combined with the basic rate limit of £37,400).

What is new and old tax slab?

Prima facie, the new tax scheme is beneficial as the tax rate is 10% as against the old tax rate of 20%….View all Articles Difference Between Old vs New Income Tax Slab.

Particulars Old Tax Scheme (₹) New Tax Scheme (₹)
₹2,50,000 – ₹5,00,000 12,500 12,500
Above ₹5,00,000 30,000 15,000
Total Tax Amount 42,500 27,500

What is the difference between new income tax slab and old?

Under the new tax regime tax is payable at lower slab rates on the income up to Rs. 15 lakh as compared to old regime. 2.5 lakh till 15 lakhs of total income. If you wish to opt for the new tax regime you have to forgo various tax deductions and exemptions otherwise available under old regime.

What are current tax slabs?

Income tax slab rate FY 2020-21 (AY 2021-22) – Applicable for New Tax regime

Income Tax Slab New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)
Rs 7.5 lakhs – Rs 10.00 Lakhs 15%
Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%
Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%
> Rs. 15 Lakhs 30%

What are the new income tax slabs?

Income Tax Slabs & Rates 2020-2021

Income Tax Slab Tax rates as per new regime
₹0 – ₹2,50,000 Nil
₹2,50,001 – ₹ 5,00,000 5%
₹5,00,001 – ₹ 7,50,000 ₹12500 + 10% of total income exceeding ₹5,00,000
₹7,50,001 – ₹ 10,00,000 ₹37500 + 15% of total income exceeding ₹7,50,000

Who announced the new personal income tax slab rates in India?

Mr. Palaniappan Chidambaram, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Friday, February 29, 2008 in New Delhi.

What are the income tax rates applicable for HUF in India?

Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under: Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.1,000,000

What is the rate of income tax in India?

Income-tax: 30% of total income. ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crore. iii.

What is the basic income tax exemption limit in India?

Government of India has increased the basic personal income tax exemption limit from Rs. 110,000 to Rs. 150,000 for Financial Year 2008-2009 and Assessment Year 2009-2010. The new income tax rates or income tax slabs are effective from April 01, 2008. Personal Income Tax Rates for the Financial Year 2008-2009 and Assessment Year 2009-2010