Income Tax Slab for 2011-12

Income tax slabs 2011-2012 for General tax payers

Income tax slab (in Rs.)	Tax
0 to 1,80,000	No tax
1,80,001 to 5,00,000	10%
5,00,001 to 8,00,000	20%
Above 8,00,000	30%

Income tax slabs 2011-2012 for Women

Income tax slab (in Rs.)	Tax
0 to 1,90,000	No tax
1,90,001 to 5,00,000	10%
5,00,001 to 8,00,000	20%
Above 8,00,000	30%

Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)	Tax
0 to 2,50,000	No tax
2,50,001 to 5,00,000	10%
5,00,001 to 8,00,000	20%
Above 8,00,000	30%

Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)

Income tax slab (in Rs.)	Tax
0 to 5,00,000	0%
5,00,001 to 8,00,000	20%
Above 8,00,000	30%

Highlights of the Union Budget 2011-12

Finance Minister Pranab Mukherjee today presented to Parliament the Union Budget 2011-12.

Highlights of the Budget...

Income tax limit raised from Rs 1,60,000 to 1,80,000

For senior citizens, tax exemption limit increased to Rs 2,50,000.

For senior citizens above 80, the tax exemption limit has been raised to Rs 500,000.

Eligibility age for senior citizens is now 60 years against 65 years earlier

Exemption limit for women remains the same at Rs 2,40,000.

A new revised income tax return form 'Sugam' to be introduced for small tax papers.

Relaxation in exit age for National Pension scheme