Income Tax Slab for 2011-12 |Tax slab 2012

New Income Tax Slab for 2011-12
The latest income tax rates or Income tax slab relevant finical year 2011-12 as introduced in Budget 2010

New Income Tax Slab for 2011-12  Individual Male (Below the Age 65 Years)

Rs. 20,000 tax exemption is going to be provided for investments in a few investment bonds. This really is beyond the currently allowed exemption (Rs. 1,00,000) in a few cost savings instruments

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed Rs.1,60,000/-.	NIL
ii.	Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.	10% of amount by which the total income exceeds Rs. 1,60,000/-
iii.	Where the total 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 income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.8,00,000/-.	Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

New Income Tax Slab for 2011-12  Individual Female (Below the Age of 65 Years)

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed Rs.1,90,000/-.	NIL
ii.	Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.	10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii.	Where the total 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 income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.8,00,000/-	Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

New Income Tax Slab for 2011-12  Senior Citizen (Above than 65 years of age)

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed Rs.2,40,000/-.	NIL
ii.	Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/-	10% of the amount by which the total income exceeds Rs.2,40,000/-.
iii.	Where the total 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 income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.8,00,000/-	Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

Education Cess: 3% of the Income-tax.