Income tax slab for ay 11-12

Income Tax Slabs for ay 11-12

Click to see new tax rates for year 2011-2012 as per union budget presented on 28th feb 2011

The Income Tax Slabs for ay 11-12 are different from tax slabs for ay 10- 11 as in the new tax slabs there is more saving of income tax as the slab ranges have been revised upwards and changed significantly leading to more tax savings

In Tax Slabs for ay 11-12, basic tax exemption limits are same as in the old tax slabs but the Indian finance ministry has broadened the tax slabs. Also in new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also available in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.

Also from FY 10-11 the IT form will be made simpler and will consist of only two pages for resident individuals individuals.

The new and revised income tax slabs and rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below:

Income tax slab for ay 11-12

New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11)

S. No.    Income Range   Tax percentage

1              Up to Rs 2,40,000             No tax / exempt

2              2,40,001 to 5,00,000        10%

3              5,00,001 to 8,00,000        20%

4              Above 8,00,000 30%

Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11)

1              Up to Rs 1,90,000             No tax / exempt

2              1,90,001 to 5,00,000        10%

3              5,00,001 to 8,00,00           20%

4              Above 8,00,000 30%

New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11)

1              Up to Rs 1,60,000             No tax / exempt

2              1,60,001 to 5,00,000        10%

3              5,00,001 to 8,00,000        20%

4              Above 8,00,000 30%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs  34000

Taxable Income in 20% slab maximum tax will be Rs  34000 + Rs 60000 total Rs 94000

Taxable Income in 30% slab minimum tax will be Rs  94000

Education and other cess will be in addition to this

Income Tax Slabs for ay 10-11 are mentioned below