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According to Union Budget 2010-11, a few changes have been made in Income Tax structure. Here is a glimpse to new Income Tax calculation procedure :

Modifications

• The relaxation limit under section 80C has been inceased to Rs. 2 lakhs.
• Surcharge has also been withdrawn
• Surcharge on companies has also been reduced to 7.5%.
• The presumptive tax limit has also been raised to Rs 60 lacs.
• Announcement of a deduction of Rs 20000 on investment in infra bonds
• New Slab

Income Tax Slab (in Rs.)	Tax
0 to 1,60,000(M) / 1,90,00(W) / 2,40,000(S)	No Tax
1,60,001 to 5,00,000	10%
5,00,001 to 8,00,000	20%
Above 8,00,000	30%

The above modifications will be applicable for the year 2010-11.(March 2010 Onwards)