Tax exemption limit raised to 2 lakhs.
| SL NO | Income | Tax Rate (in %) |
| 1 | Upto 2 lakhs | 0 |
| 2 | 2 – 5 lakhs | 10 |
| 3 | 5 – 10 lakhs | 20 |
| 4 | Above 10 lakhs | 30 |
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.
Central Budget 2011-12
Finance Minister Pranab Mukharjee will present Central Budget for the F.Y 2011-12 today in parliament. The budget speech will start at 11.00 AM. The primary focus is to make the 2011 – 12 budget as non-inflationary as possible.
Union Budget 2011-12 and Employees
Employees are eagerly waiting whether Tax relief will be there or not . It is expected that some increase will be there in the IT exemption limit.
But how much ?
Proposed Income Tax Exemption Limit
Final Picture will come before 12’o Clock.
