Monday, February 28, 2011

Income Tax Rate for the F.Y. 2011-12



  • The Income Tax Rates applicable for the financial year 2011-12 (Assessment year 2012-13) have been revised. The following is the New Income Tax structure for the year 2011-12.
    In case of individual (other than II and III below) and HUF
    Income Level
    Income Tax Rate
    i.
    Where the total income does not exceed Rs.1,80,000/-.
    NIL
    ii.
    Where the total income exceeds Rs.1,80,000/- but does not exceed Rs.5,00,000/-.
    10% of amount by which
    the total income exceeds
     Rs. 1,80,000/-
    iii.
    Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.
    Rs. 32,000/- + 20%
    of the amount by
    which the total
    income exceeds Rs.5,00,000/-.
    iv.
    Where the total income exceeds Rs.8,00,000/-.
    Rs. 92,000/- + 30%
    of the amount by
    which the total
    income exceeds Rs.8,00,000/-.
    II. In case of individual being a woman resident in India and below
     the age of 60 years at any time during the previous year:-
    Income Level
    Income Tax Rate
    i.
    Where the total income does not exceed Rs.1,90,000/-.
    NIL
    ii.
    Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.
    10% of the amount by which the total income exceeds Rs.1,90,000/-.
    iii.
    Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.
    Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv.
    Where the total income exceeds Rs.8,00,000/-
    Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.
    III. In case of an individual resident who is of the age of 60 years 
    or more at any time during the previous year:-
    Income Level
    Income Tax Rate
    i.
    Where the total income does not exceed Rs.2,50,000/-.
    NIL
    ii.
    Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
    10% of the amount by which the total income exceeds Rs.2,50,000/-.
    iii.
    Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-
    Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv.
    Where the total income exceeds Rs.8,00,000/-
    Rs.85,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.
    IV. In case of an individual resident who is of the age of 
    80 years or more at any time during the previous year:-
    Income Level
    Income Tax Rate
    i.
    Where the total income does not exceed Rs.2,50,000/-.
    NIL
    ii.
    Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
    Nil
    iii.
    Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-
    20% of the amount by
     which the total
    income exceeds Rs.5,00,000/-.
    iv.
    Where the total income exceeds Rs.8,00,000/-
    Rs.60,000/- + 30% of the
     amount by which
    the total income
    exceeds Rs.8,00,000/-.
    Education Cess: 3% of the Income-tax.
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1 comment:

  1. GabrielRobertMarch 9, 2011 at 10:00 AM

    Hello,

    Tax savings compared to current liability for those with income larger than Rs.5 lakh will be Rs.26780. These changes would be effective from assessment year 2012-13 relating to the income for the financial year 2011-12. Thanks a lot.

    Efiling

    ReplyDelete