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Income Tax Rates Brackets after Budget (FY 2011 – 2012)

Tax slabs for FY 2008-09

Tax slabs for FY 2009-10


Tax slabs for FY 2010-11

Tax slabs for FY 2012-13

Tax slabs for FY 2013-14
 

 
The budget this year failed to do any drastic changes to tax regime. The changes are more on the extreme ends viz. basic tax limit and for senior citizens.  Some of the important changes from last year are as follows:

  1. The basic tax exemption limit has been increased to Rs 1,80,000 which will provide tax relief of Rs 2,060 to all tax brackets.
  2. For senior citizen the exemption limit has been increased from Rs. 2,40,000 to Rs. 2,50,000/-
  3. For senior citizen the qualifying age reduced from 65 years to 60 years.
  4. Another major change is introducing a high new tax slab for senior citizens of over 80 years in age (Super Seniors) who will not be required to pay taxes for income upto Rs 5,00,000
  5. The Rs 20,000 exemption limit for investments into Infra bonds stays for this year
  6. The Govt is also thinking of doing away with the requirement of filing returns if salary is your only source of income and TDS is being deducted.

Here are the Income Tax Slabs/Rates/Brackets after the budget 2011. It will be applicable for FY 2011 – 2012 (or AY 2012 – 2013)

            

Men up to 60 Years          

Income Tax Rates for Men

                              

         

      

      

      

               

Women up to 60 years

Income Tax Rates for women

                  

Senior Citizen above 60 years in age

Income Tax Rates for senior citizen

                     

Senior Citizen Above 80 Years in age

Income Tax Rates for senior citizen_2

                     

Use this quick and easy tax calculator to estimate your tax liability. More Calculators  

           

 

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Useful Tax Saving Articles

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7 Tax Saving Strategies for Salaried Individuals

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Tax Planning

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Published Mar 01 2011




Comments

Comments

 

anurag srivastava said:

Sir,

pls.tell me how to calculate income tax .

thanks & regards

Anurag Srivastava

August 24, 2011 12:47 AM
 

hkwarikoo said:

please let me know weather medical reimbursment is taxable

September 2, 2011 2:58 AM
 

hkwarikoo said:

weather medical reimbursment is taxable

September 2, 2011 3:01 AM
 

Saurabh Patel said:

Dear sir, Please give me details for deductions and tax calculation for 75 % physical disabaled person.

October 19, 2011 12:20 AM
 

poonam sharma said:

if i will take any home loan then will i be able get any exemption in income tax.

October 29, 2011 12:41 PM
 

Sukanta das ghosh said:

Attaining 60 yrs, Iretired from PSU service on 31-08-2011.My date of birth is 06-08-1951.Under what category, my I.T. FOR FY- 2011-12 WILL BE COMPUTED?

November 2, 2011 7:25 AM

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