Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12)

Income Tax Rates/Slabs Rate (%)

Upto 1,80,000 NIL
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.

Income Tax Rates/Slabs for Assesment Year 2011-12 (F Y 2010-11)

Income Tax Rates/Slabs Rate (%)

Up to 1,60,000 NIL
Up to 1,90,000 (for women)
Up to 2,40,000 (for resident individual of 65 years or above)
1,60,001 – 5,00,000 10
5,00,001 – 8,00,000 20
8,00,001 upwards 30
Few amendments made to the taxation system for the FY 2010-11:

 From now onwards there will be only 2 pages in the IT filing form for
individuals.

 More cases can now be appealed against.

 Rs. 20,000 tax exemption will be provided for investments in certain

investment bonds. This is in addition to the already allowed exemption
(Rs. 1,00,000) in certain savings instruments.

 Tax Exemption will be given for contribution to the Central Government

 Health Scheme (CGHS).

 New fields have been added to the e-TDS/TCS form. These new fields
are Ministry name; PAO / DDO code; PAO / DDO registration no.; State
name; and Name of the utility used for return preparation.