Income Tax Rates For F.Y.2010-2011 A.Y. 2011-2012
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In case of individual (other than Senior Citezen and Women) and HUF:
| Income Level | Tax Amount (At Normal Rate) | |
|---|---|---|
| i. | If the total taxable income does not exceed Rs.1,60,000/-. | NIL |
| ii. | If the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total taxable income exceeds Rs. 1,60,000/- |
| iii. | If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. | Rs. 34,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-. |
| iv. | If the total taxable income exceeds Rs.8,00,000/-. | Rs. 94,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-. |
II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | If the total income does not exceed Rs.1,90,000/-. | NIL |
| ii. | If total taxable income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-. | 10% of the amount by which the total taxable income exceeds Rs.1,90,000/-. |
| iii. | If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. | Rs. 31,000- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-. |
| iv. | If the total taxable income exceeds Rs.8,00,000/- | Rs.91,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-. |
III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total taxable income does not exceed Rs.2,40,000/-. | NIL |
| ii. | If the total taxable income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total taxable income exceeds Rs.2,40,000/-. |
| iii. | If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- | Rs.26,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-. |
| iv. | If the total taxable income exceeds Rs.8,00,000/- | Rs.86,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-. |
- Surcharge: No Surcharge on Income Tax for the above cases
- Education Cess: 2% of the Income-tax calculated above
- Secondary and Higher Education Cess: 1% of the Income Tax calculated above
THE SUM OF THE ABOVE TAX CALCULATED AT NORMAL RATE, EDUCATION CESS AND SECONDARY AND HIGHER EDUCATION CESS IS THE TAX LIABILITY
+Dilip Kumar(Author, Admin and Editor of The Tax Corner) is a CA Student from Hyderabad, done his Articleship from Ramanatham & Rao, Loves Blogging on Taxation.
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