The Income Tax Slabs for ay 2011-2012 are different from tax slabs for ay 10- 11 as in the new tax slabs there is more saving of income tax as the slab ranges have been revised upwards and changed significantly leading to more tax savings.
Income Tax Slabs for ay 11-12, basic tax exemption limits are same as in the old tax slabs but the Indian finance ministry has broadened the tax slabs. Also in new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also available in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
Also from FY 10-11 the IT form will be made simpler and will consist of only two pages for resident individuals.
The new and revised income tax slabs and rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below:
| Income tax slab for ay 11-12 | ||
| New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,40,000 | No tax / exempt |
| 2 | 2,40,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,00 | 20% |
| 4 | Above 8,00,000 | 30% |
| New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11) | ||
| 1 | Up to Rs 1,60,000 | No tax / exempt |
| 2 | 1,60,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
- Taxable Income in 10% slab maximum tax will be Rs 34000
- Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 total Rs 94000
- Taxable Income in 30% slab minimum tax will be Rs 94000
Income Tax Slabs for ay 10-11 are mentioned below
| Income tax slab for ay 10-11 | ||
| Income Tax Slabs for ay 10-11 for Resident Senior Citizens (FY 2009-10) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,40,000 | No tax / exempt |
| 2 | 2,40,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,000 | 20% |
| 4 | Above 5,00,000 | 30% |
| Income Tax Slabs for ay 10-11 for Resident Women (below 65 years) (FY 2009-10) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,00 | 20% |
| 4 | Above 5,00,000 | 30% |
| Income Tax Slabs for ay 10-11 Others & Men (FY 2009-10) | ||
| 1 | Up to Rs 1,60,000 | No tax / exempt |
| 2 | 1,60,001 to 3,00,000 | 10% |
| 3 | 3,00,001 to 5,00,000 | 20% |
| 4 | Above 5,00,000 | 30% |
i have paid registration fees to ICAI for my doughter i.e. 15000 is it allowable deduction from salary income
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