IT Slab for the Financial Year 2011-12
Finance Minister Prnab Mukharjee yesterday presented Union Budget 2011-12. The good news for the employees is that there will be a increase in tax exemption limit.
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The New tax exemption limit is 1.8 Lakhs.
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There is no change in tax slab for women
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For senior citizen the the tax exemption limit is 2.5 Lakhs.
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For senior citizen above 80 years, the tax exemption limit is Rs 5 Lakhs.
Revised Tax slab for FY. 2011-12
Tax Rates for individuals other than resident women & senior citizens for the year 2010-11
| NET INCOME | INCOME TAX RATES | EDUCATION CESS |
| Upto Rs 1,80,000 | NIL | NIL |
| Rs 1,80,000 to 5,00,000 | 10% of annual income exceeds 1,80,000 | 3% of Income Tax |
| Rs 5,00,001 to 8,00,000 | Rs 32,000 plus 20% of the amount exceeds Rs 5,00,000 | 3% of Income Tax |
| Above 8,00,000 | Rs 92,000 plus 30% of the amount exceeds 8,00,000 | 3% of Income Tax |
Tax Rates for resident women
| NET INCOME | INCOME TAX RATES | EDUCATION CESS |
| Upto Rs 1,90,000 | NIL | NIL |
| Rs 1,90,000 to 5,00,000 | 10% of annual income exceeds 1,90,000 | 3% of Income Tax |
| Rs 5,00,001 to 8,00,000 | Rs 31,000 plus 20% of the amount exceeds Rs 5,00,000 | 3% of Income Tax |
| Above 8,00,000 | Rs 91,000 plus 30% of the amount exceeds 8,00,000 | 3% of Income Tax |
Tax Rates for senior citizens (Age above 60 and below 80)
| NET INCOME | INCOME TAX RATES | EDUCATION CESS |
| Upto Rs 2,50,000 | NIL | NIL |
| Rs 2,50,000 to 5,000,00 | 10% of annual income exceeds 2,40,000 | 3% of Income Tax |
| Rs 5,00,001 to 8,00,000 | Rs 25,000 plus 20% of the amount exceeds Rs 3,00,000 | 3% of Income Tax |
| Above 8,00,000 | Rs 85,000 plus 30% of the amount exceeds 8,00,000 | 3% of Income Tax |
Tax Rates for Senior Citizens above the Age of 80
| NET INCOME | INCOME TAX RATES | EDUCATION CESS |
| Upto Rs 5,00,000 | NIL | NIL |
| Rs 5,00,001 to 8,00,000 | Rs 25,000 plus 20% of the amount exceeds Rs 3,00,000 | 3% of Income Tax |
| Above 8,00,000 | Rs 85,000 plus 30% of the amount exceeds 8,00,000 | 3% of Income Tax |
New Income Tax Exemption Limit for FY 2011-12 Raise from 1.6 to 1.8 Lakhs
Raise in Income Tax Exemption Limit in budget 2011-12
As all are expected, the Government today increased the Income Tax exemption limit.
- Government today increased the IT Limit from 1.6 lakhs to 1.8 Lakhs.
- For senior citizens of above 80 years the new tax exemption limit is Rs 5 lakhs.
- Exemption for senior citizens raised to Rs. 2.5 Lakhs.
- Age limit of senior citizens to claim tax exemption reduced to 60 years.
- Relaxation in e-filing norms for small tax payers.
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No change in Tax Slab for Women.
No change in TAX Slab for Women.
NO Declaration of Dearness Allowance for January 2011.
As we mentioned in our earlier post of Proposed IT Limit the government increased the Tax limit of Rs, 20,000.
New Income Tax Slab 2011-12
No change in Income Tax Slabs for F.Y 2011-2012 except the Increase in tax Exemption Limit.
Benefits for Central Government Employees in Budget
- The Main benefit is in the Increase in the Income tax limit.
- There is an increase of 20,000 in slab.
- Direct Tax Code will be implemented from April 2012.
- Will simplify the tax structure.
- I-T exemption limit raised from 1.6 lakh to 1.8 lakh
- Tax exemption limit raised to Rs 5 lakhs for senior citizens above 80 years.
Highlights of Union Budget 2011-12
- Subsidies for Kerosene and LPG for BPL Families
- Farmers to get 3% reduction in load if payment is done regularly.
- Created Women Self Help Group Development Fund.
- No metro Rail Project in Cochin.
- Double salary for Anganwadi Workers.
- Old age pension over the age of 80 raised from Rs 200 to Rs 500
- Ex-gratia payment for disabled defence personne.
- Housing Loans upto 15 lakhs rs to get 1% interest reduction.
- Indian Stamp act will be amended.
Are you Satisfied with the New IT exemption limit?
There is an increase in IT exemption limit in this budget. Apart from this there is not much attractive offers for employees. Still got a good budget as far as a common man is concerned.
So are you satisfied with this Budget ? Do you think the IT slab should be increased some more ?
Share your suggestions below the comment section.
Indian Railway Budget 2011-12 and Employees
Railway Minister Mamta Banarjee presented her third budget on 25/02/2011, Friday.
Highlights of the budget related to Railway Employees.
During her budget speech , she mentioned about the financial crisis in the railway department. Her quote is given below.
Facilities for Railway employees in Budget 2011-12
- Medical Facilities extended to dependant parents of the Railway employees.
- Scholarship for girl child of Group-D employees increaesed to Rs 1200 per month.
- Recruitment for 1.75 lakh vacancies of Group 'C' and 'D' including to fill up backlog of SC/ST, initiated.
- Recruitment will be based on zones.
- 16,000 ex-serviceman to be inducted by march 2011.
- Separate sports quota to be planned.
- Training Centre for Customer Care employees in Kharakpur.
- 5 new polytechnics to give training in Technology.
- Vidhyala Prabandhan board for improving education in Railway Schools.
- 20 Hospitals on Wheels for Railway employees in rural areas.
- 20 New hostels will be opened for children of railway employees.
- New portal for e-ticket booking.
- More fare concessions to senior citizens.
Railway Budget 2011
Mamta Banarjee, Railway Minister today presented Railway budget for the financial year 2011-12 in parliament.
Railway Budget Key Points
- New 9 Duranto Trains
- No increase in train fares
- Ticket booking charges reduced by Rs 10 for AC and Rs 5 for non AC class
- Coach Factory Work in Kanchikkode, Kerala will be started this year.
- Wagon Factory in Cherthala, Kerala.
- New Coach Factory in Jammu & Kashmir
- Sports Cadre in Railway
- Loco Factory in Manippur
- New Go India Smart Cards
- 15 new suburban Trains in Kolkota.
- 3 New Shatabdi Trains
- 55 New Express Trains
- Senior citizen concession for women above 58 years.
- No unmanned Crossings across the country in 2012
- Concession for physically handicapped in Rajadhani and Shatabdi
- Railway line capacity will be raised to 700 kms.
- Metro coach factory near Singur in West Bengal
- Senior citizens will get 40 per cent concession on rail ticket.
- All-India security helpline set up
- Manipur to be soon connected to railway network
- Upgraded class of AC travel to be intrdouced.
- Student Express to be introduced.
