Tax Slabs for Financial Year 2011-12

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Finance Minister in 2011-12 budget has given additional tax relief to low income groups. He has increased the exemption limit to Rs 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 every Senior Citizen has been proposed at Rs. 5 lakh.

Tax Slabs for Financial Year 2011-12
MALES:-Raising of exemption limit by Rs. 20000 leads to minor gains
TAX RATE2010-112011-12
Nil1.6 lakh1.8 lakh
10.00%1.6 lakh-5 lakh1.8 lakh-5 lakh
20.00%5 lakh-8 lakh5 lakh-8 lakh
30.00%Above 8 lakhAbove 8 lakh
FEMALES:-No Change in Tax Structure
TAX RATE2010-112011-12
Nil1.9 Lakh1.9 lakh
10.00%1.9 lakh-5 lakh1.9 lakh-5 lakh
20.00%5 lakh-8 lakh5 lakh-8 lakh
30.00%Above 8 lakhAbove 8 lakh
SENIOR CITIZENS (60-80 years):-Age for eligibility reduced from 65 years to 60 years
TAX RATE2010-112011-12
Nil2.4 lakh2.5 lakh
10.00%2.4 lakh-5 lakh2.5 lakh-5 lakh
20.00%5 lakh-8 lakh5 lakh-8 lakh
30.00%Above 8 lakhAbove 8 lakh
VERY SENIOR CITIZEN (80 YEARS & ABOVE):-Hike in exemption limit to Rs. 5 lakh will result in big gains.
TAX RATE2010-112011-12
Nil2.4 lakh0 to 5,00,000
20.00%5 lakh-8 lakh5 lakh-8 lakh
30.00%Above 8 lakhAbove 8 lakh
The education cess of 2% for Primary education and 1% for higher education on total tax paid will continue.


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