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Gross tax receipts pegged at ₹ 7,46,656 crore for 2010-11, non-tax revenues at ₹ 1,48,118 crore. Total expenditure pegged at ₹ 11.8 lakh crore, an increase of 8.6%. Fiscal deficit at 5.5%. Fiscal deficit seen at 4.8% and 4.1% in 2011-12 and 2012–13, respectively.
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
Individual income tax exempt slab increased from ₹ 160,000 to ₹ 180,000. Food inflation, corruption still a concern; Targets: To keep inflation at 5%, fiscal deficit at 4.6% while fiscal deficit for previous year was 5.1%, revenue deficit at 1.8%. Indian economy expected to grow at 9%.
Income tax slabs applicable for financial year 2015–16 (Assessment Year- 2016–17)is summarized below: ... ACC Earners' Levy for the 2010 tax year is 2.0%, an ...
The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$16 billion) in 1997–98 to ₹ 5,889.09 billion (US$68 billion) in 2007–08. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 lakh crore (₹11.17 trillion). [5]
However, for individuals, tax is payable at slab rates. In the Finance Act, 2020 the Government introduced a new tax regime for individuals giving them the option to opt for the new regime or continue with the old regime. [11] The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the ...
[b] In India on the other hand there is a slab rate system, where for income below INR 2.5 lakhs per annum the tax is zero percent, for those with their income in the slab rate of INR 2,50,001 to INR 5,00,000 the tax rate is 5%. In this way the rate goes up with each slab, reaching to 30% tax rate for those with income above INR 15,00,000. [42]
Marginal tax rates and income brackets for 2010 Marginal tax rate [19] Single taxable income Married filing jointly or qualified widow(er) taxable income Married filing separately taxable income Head of household taxable income 10% $0 – $8,375: $0 – $16,750: $0 – $8,375: $0 – $11,950 15% $8,376 – $34,000: $16,751 – $68,000: $8,376 ...