Share
As per announcement in 2011-12 budget by Finance Minister Pranab Mukharjee,tax exemption limits per general taxpayers (excluding women and senior citizens) has been raised to 1,80,000 from 1,60,000.The employer’s contribution to the employee’s pension account will no longer be included in the 1 lakh ceiling under Section 80C. This should nudge individuals to save more instead of relying on their employer’s contribution to fetch them tax benefits under Section 80C.
Tax Slabs for 2011-12
Male Salaried Tax Payers
upto 1,80,000 No Tax
180000-500000 10%
500001-800000 20%
Above 8 lakh 30%
Female Salaried Tax Payers
upto 1,90,000 No Tax
190000-500000 10%
500001-800000 20%
Above 8 lakh 30%
In 2011-12 budget, age limit for Senior Citizens reduced from 65 to 60 years. Pension amount for senior citizens
is being increased from Rs. 200 to Rs.500, for those who are above 80 years of age.
Senior Citizen Tax Slabs for 2011-12
upto 250000 No Tax
250000-500000 10%
500000-800000 20%
above 800000 30%
Individuals aged 80 years and above will enjoy tax excemption on annual taxable income of 5lakh.
Orkut
Mail
