Every citizens of India falls into various tax slabs and MoF decided on the Tax slabs. This has been changing for 3-4 years and new tax slab has been introduced. Get to know Tax Slabs for 2011-12.
The increase in tax slabs always help the citizens to save some money and also with new tax savings introduce by the Government it will is very helpful for the citizens to leverage it and save tax.
One such scheme of was Tax saving on Infrastructure Bonds which started in 2010-11 and is continued in 2011-12. This helps an citizens to invest Rs.20000/- for the development of the infrastructure in the country and in return save tax on the same.
There are different tax slabs for Men, Women and Senior Citizens.
Income Tax Slabs for Men 2011- 12
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 Slab for Women 2011-12
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 Slab for Senior Citizens 2011-12
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 Slab for Very Senior Citizens 2011-12
0 to 5,00,000 - No Tax
5,00,001 to 8,00,000 - 20%
Above 8,00,000 - 30%
Education Cess 2%
Secondary and Higher Education Cess 1%
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