Revised New Income Tax Slabs.

The modified Income-Tax rates and slabs are as follows:

Income Range	Tax Rates
Up to Rs 2,00,000(Rs 2,50,000 for senior citizens)	Nil
Rs 2,00,001 – Rs 5,00,000	10%
Rs 5,00,001 – Rs 10,00,000	20%
Above Rs 10,00,000	30%

• The only real beneficiary of this change will be people, whose taxable income falls in the range Rs 800,000 to Rs 10,00,000. 

• Earlier, they had to shell out 30% tax on incomes beyond Rs 8, 00,000, now it will be reduced to 20%. DTC (Direct Tax Code) has also decided to do away with the preferential treatment given to Women and treats them at par with Men.

• According to government sources, this will be implemented from financial year 2011 – 2012 onwards, but you never know. When the first draft was announced, it was earlier planned to be in force from financial year 2010 – 2011 itself, but it never happened and was then pushed to next year. Let’s see, if it sees the light of day in year 2011.