Particulars Taxable/Non-Taxable Exemption/Rebate Limit

New Income Tax Slab for FY 2010-11













Income upto Rs.1.6 lakh Nil



Income above Rs.1.6 lakh and upto Rs.5 lakh 10 per cent



Income above Rs.5 lakh and upto Rs.8 lakh 20 per cent



Income above Rs.8 lakh 30 per cent











Particulars Taxable/Non-Taxable Exemption/Rebate Limit



Taxable Items: - - -



Basic Pay Fully Taxable - -



Dearness Pay Fully Taxable - -



Grade Pay Fully Taxable - -



Dearness Allowance Fully Taxable - -



House Rent Allowance Fully Taxable - -



City Compensate Allowance Fully Taxable - -



Medical Allowance Fully Taxable - -



Family Planning Allowance Fully Taxable - -



Arrear Amount Fully Taxable - -



Maturity Amount of NSC Fully Taxable - -



Total amount withdrawn from NSS Fully Taxable - -



Transport Allowance Partially Taxable Rebate Maximum upto Rs.15%0 PM



Children Education Allowance Partially Taxable Rebate Maximum upto Rs.100 PM



Deductions:



Less-Allowance U/S 10(13A) Actual Rent Paid - Exempt Actual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid



Interest on HBA U/S 24 - Deduction Maximum Rs.1,50,000



Reimbursement of Medical Exp. U/S 17(2)V - Deduction Maximum Rs.15,000



U/S 80C - Deduction Maximum Rs.1,00,000



Refund of loan taken for the construction of House - Deduction Maximum Rs.1,00,000



C.P.F / G.P.F - Deduction Maximum Rs.1,00,000



G.I.S - Deduction Actual



LIC Premium - Deduction Maximum Rs.1,00,000



Subscription of N.S.C. / P.P.F - Deduction Maximum Rs.1,00,000



Interest Occurred on investment in N.S.C. - Deduction Maximum Rs.15,000



C.T.D. / L.I.P. / ULIP (Mutual Fund) - Deduction Maximum Rs.1,00,000



Unit Linked Plan - Deduction Maximum Rs.1,00,000



Tuition Fee (Limited to 2 children) & (After XII th full time course) - Deduction Maximum Rs.1,00,000



5 Years Fixed deposit & 5 years time deposit scheme - Deduction Maximum Rs.1,00,000



U/S 80D CCC - Deduction Maximum Rs.10,000



U/S 80CCD - Deduction Maximum 10% of BP & DA (Recruited on or after 1.1.2004)



Medi Claim Premium U/S 80D - Deduction Maximum Rs.15,000 (Other than above Rs.1,00,000)



Premium paid for Self, Spouse & Children - Deduction Maximum Rs.15,000 (other than above Rs.1,00,000)



Premium paid for Parents (If parent is not senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)



Premium paid for Parents (If parent is senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)



U/S 80DD - Deduction Handicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000



U/S 80DDB - Deduction Maximum Rs.400,00 (other than above Rs.1,00,000)



U/S 80E - Deduction Entire amount (Interest on higher Education/Study loans)



U/S 80 G - Deduction Deduction for contribution to charitable organization



U/S 80U - Deduction Disability Deduction Rs.75,000 to Rs.1,00,000







Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000







CGHS subscription will be exempted u/s 80D







Source: CGStaffNews