Tax Slabs for Financial Year 2011 -12

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.


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