Income Tax Slabs for ay 10-11 and 11-12
Click to see new tax rates for year 2011-2012 as per union budget presented on 28th feb 2011The 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
| Income tax slab for ay 10-11 | ||
| Income Tax Slabs for ay 10-11 for Resident Senior Citizens (FY 2009-10) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,40,000 | No tax / exempt |
| 2 | 2,40,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,000 | 20% |
| 4 | Above 5,00,000 | 30% |
| Income Tax Slabs for ay 10-11 for Resident Women (below 65 years) (FY 2009-10) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,00 | 20% |
| 4 | Above 5,00,000 | 30% |
| Income Tax Slabs for ay 10-11 Others & Men (FY 2009-10) | ||
| 1 | Up to Rs 1,60,000 | No tax / exempt |
| 2 | 1,60,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,000 | 20% |
| 4 | Above 5,00,000 | 30% |
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can you tell me education cess will be apply for this purpose or not
yes education cess will be applicable
Yes applicable as 2% Educess cess+1% Secondary and Higher education cess(SHEC)=3%Total
yes 3% of Education cess is applicable for the AY 2011-12
Its very Good.
IN INCOME TAX SLAB OF AY 10-11 SURCHARGE IS APPLICABLE OR NOT.
yes surcharge is applicable for income tax slab for AY 10-11
no
if u are a company & income above 1 crore than applicable
if i take education loan from bank for my son to study abroad, is there any relief in income tax if yes then under which section.
Yes Interest on education loan is deducted u/s 80E with no limit.Only interest, not principle amount.
If there is late filling of return i.e. after 31st julu, say 8 th aug 2010 and there is short term capital loss with no tax liability then will the loss be c/f to next year to be set off against short term/long term capital gain?
no u cant c/f loss
No you can not carrry forward the short term capital loss since you have filled your return after due date
if you have filled it before the due date you can c/f the loss
what’s the present tax rates for the a.y. 2010-11. and what’s remedy for already summited it returns (if changed rates.)
Dear Pooja
if u want take the benifit of short term capital loss its last date 31st july but after alos department were extended the date for 4 days but u have filed dated 8th August so u will take the benifit of that.
can you pls tell me what the slab rate on ay 2011-12 surcharge is applicable for this ay
if Incoome more than one crore, Surcharge is Applicable
if Less than one Crore than Surcharge N.A.
sucharge is applicable only for company whose income more than 1 crore
domastic co. 7.5% of income tax
foreign co. 2.5% of net income tax
Education cess is applicable ?
what is percentage of gift tax.
gift is our other income that is taxable @ 30%
if gift is received from relative than it is not taxable
Is there any exemption of interest on specified securiteis like govt securities. It was previousely available for Rs 15000/- u/s 80L. Now i know 80L is no more . but any other section replace this section. pl let me know.
If a persons income is approx 10 laks purely from bank interest ( and no other income) pls advise eligible expenses that can be off set for earning above income
can i take the tax rebate on my parent’s health care after marriage? if yes, under what setion
surchage is applicable only on co: whose income exceeds 1 cr
can Loss in mutual fund Investment be adjusted in Tax Payable in full?
For the AY 11-12 surcharge 10% is applicable or not. If applicable anythink breakup for individual,company,etc.,
its applicable
hii pls tell me about the TDS rate in case of individual contractor
what are the tds rates for fy 11-12
it’s really a important information for Finance student as well as for person of India for there updated knowledge.
can i take the tax rebate on my children’s education fees?
1.What is the minimum income limit of tax(TDS) for Fixed deposite in Bank?
2.How can manage capital gain for save the tax?
Thank you
TDS on FDR deducted when increased amount RS.10000 p.a.
pls tell how to calculate house rent allowance (HRA)
what was the method of HRA
(1)actual Amt Recieved
(2)rent paid minus 10% of salary
(3)40% or 50% of salary
(which ever is less)
salary = basis+ D.A(CONDITIONAL)
Govt. is making the tax slab more vast so that it can attract the mre & more people of india to pay tax & change their mind set towards payment of tax .So start Tax planning instead of Tax evading
Hi,
kindly let me know how can be take benefit of u/s 80 C to 80D.
How much agricultural income is exempt
what is the age of senior citizen for AY 2011-12? what is the rate of tax on short capital gains for AY 2011-12? is the gains from shares purchased and sold in the same financial year to be taken as short term capital gains for tax purposes? what expenses can be adjusted from such gains? will be obliged if my querries are replied. Mrs Nirmal Rewari (Haryana)
This is a question: Can any one post a response?
Is a person who wants to retun to India for good required to file Income Tax return? If so, after how long he has to do so? What is the status of the NRI savings he holds at the time of his return to India? Whether or not this saving will attract Income Tax? Pls respond.
if i buy n sell 100 shares of company A on same day how do i caculate the profit or loss on the day transaction when caculating my short term loss or profit. If i had bought 200 shares earlier of this company then do i calculate the loss or profit with the shares of equal amt bought earlier on first in first out basis,
ya
u calculate short term loss
and brought forward 4 year’s if u file return before due date 31 july
Mr. Sudesh Sold his house on Ist May, 2009 for Rs 12, 00,000. This house was purchased by his father in 1960 for Rs 50,000. Mr. Sudesh got this house in inheritance on the death of his father in 1977-78. On 01.04.1981 fair market value of this house was Rs 150,000. On Ist December, 2009 he purchased another house for Rs 2, 50,000. For the assessment year 2011-12 calculate his capital gains.