The following are the details of the Income Tax Slab for AY 11-12. These figures were released by RDA & Associates on May 31 2010 and are verbatim.
Text version:
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Income tax slab for ay 11-12 |
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New Income Tax Slabs for ay 11-12 for Resident Senior Citizens 65 Plus (FY 2010-11) |
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S. No. |
Income Range |
Tax percentage |
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1 |
Up to Rs 2,40,000 |
No tax / exempt |
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2 |
2,40,001 to 5,00,000 |
10% |
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3 |
5,00,001 to 8,00,000 |
20% |
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4 |
Above 8,00,000 |
30% |
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Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11) |
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1 |
Up to Rs 1,90,000 |
No tax / exempt |
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2 |
1,90,001 to 5,00,000 |
10% |
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3 |
5,00,001 to 8,00,00 |
20% |
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4 |
Above 8,00,000 |
30% |
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New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11) |
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1 |
Up to Rs 1,60,000 |
No tax / exempt |
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2 |
1,60,001 to 5,00,000 |
10% |
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3 |
5,00,001 to 8,00,000 |
20% |
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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 (RDA & Associates, 2010).
There are substantial tax concessions and exemptions in the Income Tax Slab for AY 11-12. You are required to have a PAN and can only take advantages of these exemptions and concessions if your PAN account is in good standing order. In addition, you are subject to PAN number verification also known as NSDL PAN Card Verification where by your number is verified to ensure your correct data and validity of your account.
Works Cited in this document
BIBLIOGRAPHY RDA & Associates. (2010, May 31). Income Tax Rates/Slab for Assessment Year 2011-12 . Retrieved August 4, 2012, from RDA & Associates: http://rdaindia.com/inctaxfy1011.pdf