Sunday, 6 March 2011

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



















































































IncomeBudget 2011IncomeExistingGain
RateTaxRateTax
180000NilNil160000NilNil
32000010%3200034000010%34000
30000020%6000030000020%60000
20000030%6000020000030%60000
1000000Total 1520001000000Total 154000
Cess3%4560Cess3%4620
Total Tax 156560Total Tax 1586202060

 

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



















































































IncomeBudget 2011IncomeExistingGain
RateTaxRateTax
190000NilNil190000NilNil
31000010%3100031000010%31000
30000020%6000030000020%60000
20000030%6000020000030%60000
1000000Total 1510001000000Total 151000
Cess3%4530Cess3%4530
Total Tax 155530Total Tax 1555300

 

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



















































































IncomeBudget 2011IncomeExistingGain
RateTaxRateTax
250000NilNil240000NilNil
25000010%2500026000010%26000
30000020%6000030000020%60000
20000030%6000020000030%60000
1000000Total 1450001000000Total 146000
Cess3%4350Cess3%4380
Total Tax 149350Total Tax 1503801030

 

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




























































































IncomeBudget 2011IncomeExistingGain
RateTaxRateTax
500000NilNil240000NilNil
010%026000010%26000
30000020%6000030000020%60000
20000030%6000020000030%60000
1000000Total 1200001000000Total 146000
Cess3%3600Cess3%4380
Total Tax 123600Total Tax 15038026780

 

 

 

6 comments :

  1. [...] the budget 2011 decreased the age limit of senior citizen from 65 to 60 years and also allowed nil tax limit is up to  Rs. 250000 from Rs. 240000 and also exempted to file return for salaried employees who [...]

    ReplyDelete
  2. [...] Number (PAN) is a unique 10 digit number which consist of alphabets and numerical digits for each income tax assessee and it is illegal that a person holds more than one [...]

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  3. [...] mismatch with various reasons including data error etc. When the TDS certificate is downloaded from Income Tax (TIN) website the mismatch can be avoided and the chances of correcting the error is higher than [...]

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  4. [...] submitting from 15H or Form 15G you must declare that the information on income and tax liability provided in form 15H/G is true and complete through the verification part of the form. [...]

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  5. [...] Income Tax Slab Rates will be same as earlier. 10% up to Rs. 5Lakh Taxable income, 20% for the next Rs. 3 Lakh and 30% [...]

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  6. how and wen can i get a tds certificate from my company my salary is 1.35 lac PA and my last day of work was 2nd dec 2011. My company has said they will need to issue it once they get it in quarter end.

    ReplyDelete