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Rediff.com  » Business » The new Income Tax slabs

The new Income Tax slabs

Source: PTI
Last updated on: February 26, 2010 12:48 IST
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Finance Minister Pranab Mukherjee has revised the Income Tax rates.

There will be no tax for income up to Rs 1.6 lakh (earlier slab was Rs 1.6 - 3 lakh)

For income between Rs 1.6-5 lakh, the tax liability will be 10 per cent (earlier slab was Rs 3-5 lakh).

For income between 5 lakh - 8 lakh, the tax liability will be 20 per cent (earlier slab was 5 lakh)

Individuals with income of above 8 lakh will have tax liability of 30 per cent.

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