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| Total amount withdrawn from NSS | Fully Taxable | - | - |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.1500 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 | |||
Thanks for detailed description on the vital topic. I do believe to avail Tax deduction from total income as allowable in Income Tax Act, investment u/s 80c is a pivot investment avenues &/or contributions.
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