Income Tax Slabs – AY 2011-2012 and AY 2010-2011

Here are the income tax slabs for AY 2011-2012 (FY 2010-11) and AY 2010-2011 (FY 2009-10).

Income Tax Slabs – AY 2011-2012

Income Tax Slabs – AY 2011-2012
Tax Slabs (in Rs) Income tax
Indian Male/NRI/HUF 0 to 1,60,000 NIL
1,60,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
Women 0 to 1,90,000 NIL
1,90,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%
Senior Citizen (>65 yrs) 0 to 2,40,000 NIL
2,40,001 to 5,00,000 10%
5,00,001 to 8,00,000 20%
Above 8,00,000 30%

Income Tax Slabs – AY 2010-2011

Income Tax Slabs – AY 2010-2011
Tax Slabs (in Rs) Income tax
Indian Male/NRI/HUF 0 to 1,60,000 NIL
1,60,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%
Women 0 to 1,90,000 NIL
1,90,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%
Senior Citizen (>65 yrs) 0 to 2,40,000 NIL
2,40,001 to 3,00,000 10%
3,00,001 to 5,00,000 20%
Above 5,00,000 30%

 

Author: Radhey Sharma

Radhey is a Certified Financial Planner and an expert in the disciplines of insurance, retirement, investments and tax. His hobbies include gardening, traveling and reading self development books. The information contained on this blog is general advice and may or may not be suitable to the reader. Kindly take professional help before you apply what you read.

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23 Comments

  1. Thanks for sharing the info. Didn’t know there is so much difference in the tax rates between the years..

    Post a Reply
      • @Radhey,

        With budget just around the corner, Do you expect that these slabs would change?

        Post a Reply
        • @Rakesh, Yes they will, it is the govt’s last chance to make the people happy what with all the scams and all.

          Friday should be an interesting day.

          Post a Reply
          • @Radhey Sharma, Not sure if tax slabs would change now, who knows the person who increases the tax slabs gets sacked ;)

          • @Radhey,

            The damage has already been done, i don’t think people will vote for the current government. It’s time we need a change.

            @Vivek,

            Good one, FM will resign the next day after the budget on the same lines as the railway minister.

          • @Rakesh, The problem is that there is no one else credible enough in my eyes. So, might have to live with it.
            It is a good opporunity for the government to bring joy to the people with the budget.

  2. Flashing news…

    Rs 2 lakh zero tax,
    Rs 2-5 lakh 10%,
    Rs 5-10 lakh 20%
    and above Rs 10 lakh 30%.

    Post a Reply
    • @Rakesh, Little disappointed with this, I was expecting better tax slabs.

      Post a Reply
      • @Vivek,

        Same here, i was expecting the limit at 2.5 lakhs – 3.0 lakhs for not tax. And 30% over 15 lakhs.

        Post a Reply
  3. The real tax benefit according to the latest provisions is meagre. The person who is earning upto Rs 8 lakhs will get tax saving of only Rs 2,060 and those earning above Rs lakhs but less than Rs lakhs will get the saving of 10.3%.

    The major gainer is person who earns Rs 10 lakhs and above, will save Rs 20,600.

    Post a Reply
  4. The tax benefit with new slabs is as follows: -

    Income Tax rate Savings
    Up to Rs2,00,000 NIL Rs2,060
    Rs2,00,001 to Rs5,00,000 10% Rs2,060
    Rs5,00,001 to Rs10,00,000 20% Rs2,060
    Rs10,00,001 and above 30% Rs22,660

    Post a Reply
  5. For women tax benefits are even lesser: -

    Income Tax rate Savings
    Up to Rs2,00,000 NIL Rs1,030
    Rs 2,00,001 to Rs5,00,000 10% Rs1,030
    Rs5,00,001 to Rs10,00,000 20% Rs1,030
    Rs10,00,001 and above 30% Rs21,630

    Post a Reply
    • @Vivek,

      They kept the same slab for women too.

      Post a Reply
      • @Rakesh, yea and no change for senior and very senior citizens, which is even more disappointing.

        Post a Reply
        • @Vivek,

          It’s a shame, no benefits for senior citizens. They should have not taxed senior citizens over 80. That was the expectation from the senior citizen charter.

          Post a Reply
          • @Rakesh, Fiscal deficit is the excuse for this year!

          • @Vivek,

            Yes, According to the budget, India’s fiscal deficit will be 5.1% of GDP in fiscal 2012-2013, compared with 5.9% of GDP in the current fiscal year (2011-2012). Wonder these figures are right?

          • @Rakesh, This only FM can tell, general public would have no clue about these figures.

  6. Sir,
    I am an NRI. Kindly advise whether I can file my return of TDS for AY 10-11 from my NRO account.

    Regards,

    Post a Reply
  7. Sir
    my mother has retired since 2007. she had been paying and filing tax till 2007 and after that she had not filed or paid . Now she had deposited her retirement benefits approximately 3 lakhs in a nationalised bank and on maturing date , the bank has deducted app 6000 a. she was informed that tax had been deducted and if you want to refund it we will give you the TDS certificate and you can claim it . i require your suggestion on how to proceed further

    Post a Reply
  8. @Lash,

    If your mother has no other source of income then you can claim it. Please consult a tax consultant who could assist you further. Next time kindly submit Form 15 H to the bank and tell them that your mother has no other source of income and the bank willl not deduct TDS.

    Post a Reply

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