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Home Articles Income Tax Slab for the FY 2011-12

Income Tax Slab for the FY 2011-12

IndianMoney.com Research Team | Posted On Saturday, March 05,2011, 06:10 PM

Income Tax Slab for the FY 2011-12

 

 

Income Tax Slab for the FY 2011-12

Finance minister Pranab Mukherjee presented Union Budget 2011 in Parliament on 28th February 2011. He did not disappoint individual tax payers either and raised the threshold income tax limit to Rs. 1,80,000 from the present Rs. 1,60,000.

Eligibility age for senior citizen’s tax exemption has been reduced to 60 years from 65. Also the exemption for senior citizens would be Rs. 2,50,000 from the present Rs. 2,40,000.

See Also: Types Of Taxes In India

Income tax rates vary from individual to individual depending on the status and type of citizenship he/she holds. For the purpose of calculating income tax, Income Tax Act has classified assessees in to following categories, they are:-

  1. Individuals & HUFs
  2. AOPs & BOIs
  3. Co-operative Society
  4. Firm
  5. Local Authority
  6. Domestic Company
  7. Other Company

Following is the table of new income tax slabs proposed by Finance Minister Pranab Mukherjee in Budget 2011-12:

1. Individuals and HUFs

General Tax Payers

Income Level

Tax Rate

Up to Rs. 1,80,000

NIL

Rs. 1,80,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 8,00,000

20%

Rs. 8,00,001 and above

30%

Education Cess: 3% of the Income-tax.

For Women

Income Level

Tax Rate

Up to Rs. 1,90,000

NIL

Rs. 1,90,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 8,00,000

20%

Rs. 8,00,001 and above

30%

Education Cess: 3% of the Income-tax.

For Senior Citizens of 60 years but less than 80 years

Income Level

Tax Rate

Up to Rs. 2,50,000

NIL

Rs. 2,50,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 8,00,000

20%

Rs. 8,00,001 and above

30%

Education Cess: 3% of the Income-tax.

Senior Citizens of 80 years and above

Income Level

Tax Rate

Up to Rs. 5,00,000

NIL

Rs. 5,00,001 to Rs. 8,00,000

20%

Rs. 8,00,001 and above

30%

Education Cess: 3% of the Income-tax.

Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source (TDS) will be excluded from filing returns.

2. Association of Persons (AOP) and Body of Individuals (BOI)

Income Level

Tax Rate

Up to Rs. 1,80,000

NIL

Rs. 1,80,001 to Rs. 5,00,000

10%

Rs. 5,00,001 to Rs. 8,00,000

20%

Rs. 8,00,001 and above

30%

Education Cess: 3% of the Income-tax.

3. Co-operative Society

Income Level

Tax Rate

Up to Rs. 10,000

10%

Rs. 10,000 to Rs. 20,000

20%

Rs. 20,000 and above

30%

Education Cess: 3% of the Income-tax.

4. Firm

Income-tax

30% of total income

Surcharge

Nil

Education Cess

3% of the total of Income-tax

5. Local Authority

Income-tax

30% of total income

Surcharge

Nil

Education Cess

3% of the total of Income-tax

6. Domestic Company

Income-tax

30% of total income

Surcharge

5% of such income tax provided that the total income exceeds Rs. 1 crore.

Education Cess

3% of the total of Income-tax and Surcharge

7. Company other than a Domestic Company

Income-tax

50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concernafter the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement madeby it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the CentralGovernment.

 

40% of the balance

Surcharge

2.5% of such income tax provided that the total income exceeds Rs. 1 crore.

Education Cess

3% of the total of Income-tax and Surcharge

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