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/-. |
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