Income Tax Rates & Calculation as per Budget 2011

As per the Budget 2011 proposal there is a slight relief in income tax for Men those who are not completed the age of 60 years and both men and women those who are completed the age of 60 years and a big relief for men and women those who are completed the age of 80 years. In this budget 2011 proposal the Finance Minster introduced a new tax category of Very senior Citizen those who competed 80 years. Only women tax payers those who are not completed the age of 60 years have not getting any benefit as per the budget 2011 proposal.

The table below of this post shows the new proposed tax, existing tax (Assessment year 2011-12) and the gain of tax with the budget proposal. The calculation is based on the taxable income of Rs. 10 Lakh for each categories. You can calculate your tax as per the table with your taxable amount. Just deduct all your exempted income and calculate your tax with the help of the above table.

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For men those who have not completed the age of 60 years

Income	Budget 2011		Income	Existing		Gain
	Rate	Tax		Rate	Tax
180000	Nil	Nil	160000	Nil	Nil
320000	10%	32000	340000	10%	34000
300000	20%	60000	300000	20%	60000
200000	30%	60000	200000	30%	60000
1000000	Total	152000	1000000	Total	154000
Cess	3%	4560	Cess	3%	4620
Total Tax		156560	Total Tax		158620	2060

For women those who have not completed the age of 60 years

Income	Budget 2011		Income	Existing		Gain
	Rate	Tax		Rate	Tax
190000	Nil	Nil	190000	Nil	Nil
310000	10%	31000	310000	10%	31000
300000	20%	60000	300000	20%	60000
200000	30%	60000	200000	30%	60000
1000000	Total	151000	1000000	Total	151000
Cess	3%	4530	Cess	3%	4530
Total Tax		155530	Total Tax		155530	0

For senior citizen – men & women completed the age of 60 years

Income	Budget 2011		Income	Existing		Gain
	Rate	Tax		Rate	Tax
250000	Nil	Nil	240000	Nil	Nil
250000	10%	25000	260000	10%	26000
300000	20%	60000	300000	20%	60000
200000	30%	60000	200000	30%	60000
1000000	Total	145000	1000000	Total	146000
Cess	3%	4350	Cess	3%	4380
Total Tax		149350	Total Tax		150380	1030

For very senior citizen – men & women completed the age of 80 years

Income	Budget 2011		Income	Existing		Gain
	Rate	Tax		Rate	Tax

500000	Nil	Nil	240000	Nil	Nil
0	10%	0	260000	10%	26000
300000	20%	60000	300000	20%	60000
200000	30%	60000	200000	30%	60000
1000000	Total	120000	1000000	Total	146000
Cess	3%	3600	Cess	3%	4380
Total Tax		123600	Total Tax		150380	26780