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Budget 2011 New Income Tax Limits, Slabs 2011-12 Women/Senior Citizens

The revised income tax slabs/exemption based on the Indian Union Budget 2011 is as follows

No income tax on all income up to Rs. 1,80,000 per year.
(Rs. 1,90,000 for women and Rs. 2,40,000 for senior citizens of 65 and above and must be resident of india)

From 1,80,001 to 5,00,000 - 10% of amount greater than Rs. 1,80,000

From 5,00,001 to 8,00,000 - 20% of amount greater than Rs. 5,00,000 + 34,000
( Rs. 31,000 for women and Rs. 26,000 for senior citizens)

Above 8,00,000 - 30% of amount greater than Rs. 8,00,000 + 94,000 ( Rs. 91,000 for women and Rs. 86,000 for senior citizens)

No change in tax slabs has been proposed in this budget, only tax exemption limit for general category raised from Rs 1,60,000 to Rs 1,80,000.

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