Indian Income Tax Slab 2010
Tax Slabs
What are the Tax Slabs for 2010?
The federal income tax in India is a progressive model where those individuals who earn higher wages are taxed at a higher percentage and vice versa. The Tax Slabs represent the divisions at which tax rates are implemented; these rates will change based on a given fiscal year in accordance with inflation and the macro-economic standing of the country.
In essence, the Tax Slabs represent cutoff values for an earner’s taxable income—incomes past a certain point will be taxed at the next available tax bracket. The tax slabs in India are classified based on the gender of the taxpayer, the age of the taxpayer, and the taxpayer’s filing status.
Additionally the tax rates will fluctuate for individuals who file separately or for those couples who file joint returns. The tax rate is dependent on income, meaning the amount of money an individual earns from his or her job; however, the tax rates will also fluctuate given the delivery of tax deductions, tax credits, and the status of the filing.
The following brackets will elucidate on the taxable incomes of American earners and the separate filing statuses that are present in the Federal income taxation system.
2011-2012 Tax Slabs in India are as follows: