Taxation - Income Tax Slabs for FY12 in NEW TO TRADING & INVESTMENTS? - With the beginning of the new financial year 2011-2012, the tax slabs have been raised for both male and female ...
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03-30-2011 07:40 AM
Income Tax Slabs for FY12
With the beginning of the new financial year 2011-2012, the tax slabs have been raised for both male and female as below.
Income Tax Rates/Slabs for Assessment Year 2012 (FY 2011-12)
| Income Tax Rates/Slabs | Rate (%) |
Upto 1,80,000
Upto 1,90,000 (for women)
Upto 2,50,000 (senior citizens) | NIL |
| 1,80,001 – 5,00,000 | 10 |
| 5,00,001 – 8,00,000 | 20 |
| 8,00,001 and above | 30 |
Tax amendments for the FY 2011-12 are mentioned below :
- Increase in base income tax slab of men and senior citizens.
- Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds.
- A set of New Direct Tax Codes have been proposed, which will be active from Financial Year 2011.
- Senior citizen age reduced from 64 years to 60 years.
- People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.
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