Finance Minister in 2011-12 budget has given additional tax relief to low income groups. He has increased the exemption limit to
` 1.8 lakh. Also Finance minister has created a new category - Very Senior Citizen - those who are above 80 years and above. The exemption limit for Very Senior Citizen has been proposed at
` 5 lakh.
| Tax Slabs for Financial Year 2011-12 |
| MALES:-Raising of exemption limit by ` 20000 leads to minor gains |
| TAX RATE |
2010-11 |
2011-12 |
| Nil |
1.6 lakh |
1.8 lakh |
| 10.00% |
1.6 lakh-5 lakh |
1.8 lakh-5 lakh |
| 20.00% |
5 lakh-8 lakh |
5 lakh-8 lakh |
| 30.00% |
Above 8 lakh |
Above 8 lakh |
| FEMALES:-No Change in Tax Structure |
| TAX RATE |
2010-11 |
2011-12 |
| Nil |
1.9 Lakh |
1.9 lakh |
| 10.00% |
1.9 lakh-5 lakh |
1.9 lakh-5 lakh |
| 20.00% |
5 lakh-8 lakh |
5 lakh-8 lakh |
| 30.00% |
Above 8 lakh |
Above 8 lakh |
| SENIOR CITIZENS (60-80 years):-Age for eligibility reduced from 65 years to 60 years |
| TAX RATE |
2010-11 |
2011-12 |
| Nil |
2.4 lakh |
2.5 lakh |
| 10.00% |
2.4 lakh-5 lakh |
2.5 lakh-5 lakh |
| 20.00% |
5 lakh-8 lakh |
5 lakh-8 lakh |
| 30.00% |
Above 8 lakh |
Above 8 lakh |
| VERY SENIOR CITIZEN (80 YEARS & ABOVE):-Hike in exemption limit to ` 5 lakh will result in big gains. |
| TAX RATE |
2010-11 |
2011-12 |
| Nil |
2.4 lakh |
0 to 5,00,000 |
| 20.00% |
5 lakh-8 lakh |
5 lakh-8 lakh |
| 30.00% |
Above 8 lakh |
Above 8 lakh |
| The education cess of 2% for Primary education and 1% for higher education on total tax paid will continue. |
[4/5]Total Votes [ 2 ] 
