The common man doesn’t like the word ‘Income-tax’ at all, after all his hard earned money goes away, but starting this year, the Finance minister changed the Income tax slabs for individuals, which comes as a relief for the common man.
The new income tax slabs, starting financial year 2010 – 2011 is as follows:
For Men
| Tax Slabs | Tax rate |
| 0 to 1,60,000 | NIL |
| 1,60,001 to 5,00,000 | 10% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
For Women
| Tax Slabs | Tax rate |
| 0 to 1,90,000 | NIL |
| 1,90,001 to 5,00,000 | 10% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
For Senior Citizens
| Tax Slabs | Tax rate |
| 0 to 2,40,000 | NIL |
| 2,40,001 to 5,00,000 | 10% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
