Monday, February 28, 2011

Income Tax limits for Individuals for AY 2011 -2012


MALE

  1. upto 1,80,000 - Nil
  2. above 1,80,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%

WOMEN
  1. upto 1,90,000 - Nil
  2. above 1,90,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%

Senior Citizen(above 60 years)
  1. upto 2,50,000 - Nil
  2. above 2,50,000 till 5,00,000 - 10%
  3. above 5,00,000 till 8,00,000 - 20%
  4. above 8,00,00 and above     - 30%
 * For senior citizens, the qualifying age is reduced to 60 years. 



Super Senior Citizen(above 80 years)

  1. upto 5,00,000 - Nil
  2. above 5,00,000 till 8,00,000 - 20%
  3. above 8,00,00 and above     - 30%
 
* For Citizens over 80 years the exemption limit is raised to Rs 5 lakh.

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