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)
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.