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Friends, as per Government of India and 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 :

• The relaxation limit under section 80C has been increased to Rs. 1 lakhs. & Rs. 20000 for Infrastructure Bond it comes to Rs. 120000.00
  
• Surcharge has also been withdrawn
• The Housing Loan Interest Limit Max. 150000.00
  
• The presumptive tax limit has also been raised to Rs 60 lacs.
• Announcement of a deduction of Rs 20000 on investment in infra bonds

The income tax calculator for Financial Year "2010 11" - Use the latest income tax calculator for year 2010-2011 for calculating your income tax. Just enter your anual income and let the tax calculator calculates the tax for you. The tax calculator "2010 11" also calculates the difference in tax from previous financial year. This is the latest tax calculator and is based on tax slab 2010-2011.

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