Tax rate 2010-11

[nasisr haider]

what is the current income tax rate 2010-11

[rishi mohan]

Current income tax slab rates are as follows

Individuals, HUF

Net Income Range	Income Tax Rates	Tax
Upto Rs. 1,60,000	Nil	Nil
Rs. 1,60,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 1,60,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 14,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 54,000 + 30% of total income minus Rs. 5,00,000	--do--

Special Rates for Resident Women (who is below 65 years at any time during the previous year)

Net Income Range	Income Tax Rates	Tax
Upto Rs. 1,90,000	Nil	Nil
Rs. 1,90,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 1,90,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 11,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 51,000 + 30% of total income minus Rs. 5,00,000	--do--

Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)

Net Income Range	Income Tax Rates	Tax
Upto Rs. 2,40,000	Nil	Nil
Rs. 2,40,000 - Rs. 3,00,000	10%	10% of total income minus Rs. 2,40,000	See Notes
Rs. 3,00,000 - Rs. 5,00,000	20%	Rs. 6,000 + 20% of total income minus Rs. 3,00,000	--do--
Above 5,00,000	30%	Rs. 46,000 + 30% of total income minus Rs. 5,00,000	--do--

Rates for Firms

Rate of Tax is 30%

Rates for Companies

Company		Rate of Income Tax
In case of domestic company		30%
In case of foreign Company
-	Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government	50%
-	Other Income	40%

 

AI Summary

Exploring 2010-11 Income Tax Rates: Individual & HUF Slabs, Special Rates for Women, Seniors, Firms, and Companies. A discussion forum addressed the income tax rates for the financial year 2010-11. The rates for individuals and Hindu Undivided Families (HUF) were categorized into slabs: up to Rs. 1,60,000 was tax-free, Rs. 1,60,000 to Rs. 3,00,000 was taxed at 10%, Rs. 3,00,000 to Rs. 5,00,000 at 20%, and above Rs. 5,00,000 at 30%. Special rates applied for resident women and senior citizens, with higher tax-free thresholds. Firms were taxed at 30%, domestic companies at 30%, and foreign companies at varying rates depending on income type.