Income Tax calculation AY 2010-11 (FY 2009-10)

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person -

Up to 1,60,000 – Nil

1,60,000 to 3,00,000 – 10% of the amount exceeding 1,60,000
3,00,000 to 5,00,000 – Rs.14,000 + 20% of the amount exceeding 3,00,000
5,00,000 & above – Rs.54,000 + 30% of the amount exceeding 5,00,000

2. TAX RATES FOR RESIDENT WOMAN BELOW 65 YEARS

Up to 1,90,000               – Nil
1,90,000 to 3,00,000     – 10% of the amount exceeding 1,90,000
3,00,000 to 5,00,000     – Rs.11,000 + 20% of the amount exceeding 3,00,000
5,00,000 & above          – Rs.51,000 + 30% of the amount exceeding 5,00,000

3. TAX RATES FOR INDIVIDUAL RESIDENTS AGED 65 YRS AND ABOVE

Up to 2,40,000               – Nil
2,40,000 to 3,00,000     – 10% of the amount exceeding 2,40,000
3,00,000 to 5,00,000     – Rs.6,000 + 20% of the amount exceeding 3,00,000
5,00,000 & above          – Rs.46,000 + 30% of the amount exceeding 5,00,000

There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.

Example

There Total income is - 556670/=

Tax as per slab rate -

1,60,000 to 3,00,000 – 10% of the amount exceeding 1,60,000
3,00,000 to 5,00,000 – Rs.14,000 + 20% of the amount exceeding 3,00,000
5,00,000 & above – Rs.54,000 30% of the amount exceeding

56670 - 30% of 56670 = 17001

Total tax = 71001 /=

Hope This Helps