2010 – 2011 Tax Slabs India
The FM has also increased the limit of deduction available under section 80C. He has allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh.
For Senior Citizens
New Slab
Slabs (Rs) Rate(%)
0 – 240000 = 0
240001 – 500000 = 10
500001 – 800000 = 20
800001 and above = 30
Old tax slabs:
Slabs (Rs) Rate(%)
0 – 240000 = 0
240001 – 300000 = 10
300001 – 500000 = 20
500001 and above = 30
Female individual taxpayer
New tax slabs:
Slabs (Rs) Rate(%)
0 – 190000 = 0
190001 – 500000 = 10
500001 – 800000 = 20
800001 and above = 30
Old tax slabs:
Slabs (Rs) Rate(%)
0 – 190000 = 0
190001 – 300000 = 10
300001 – 500000 = 20
500001 and above = 30
Male individual tax payers:
New tax slabs:
Slabs (Rs) Rate(%)
0 – 160000 = 0
160001 – 500000 = 10
500001 – 800000 = 20
800001 and above = 30
Old tax slabs:
Slabs (Rs) Rate(%)
0 – 160000 = 0
160001 – 300000 = 10
300001 – 500000 = 20
500001 and above = 30
Dear Sir,
My annual income is 1200000/-. How much tax should be paid to me.
Well it all depends on your income stream if you have an income from business and profession then you can deduct the losses and also the expenses from your income and if you are a simple salaried person then it is calculated like wise.Another thing is you haven’t posted your age.
In simple i am taking your income as 1200000 as net income.Ok so it will be like that
For 160000 no tax
Income-tax(Including surcharge,EC & SHEC) on Rs.1,200,000 is Rs. 271,920.00
Surcharge Rs. 0.00
Education Cess Rs. 5,280.00
Secondary and Higher Education Cess Rs. 2,640.00