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 |
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 |
