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Income Tax

Income Tax Rates for Assessment Year 2011-12

For Individual (age below 60 years), Income Tax is Nil upto a Net Income of Rs. 1,60,000/- which is same as the previous year.

RESIDENT WOMAN

(Who is below 60 years on the last day of the previous year)

Net Income Range Income Tax Rates
Up to Rs. 1,90,000/- Nil
Rs. 1,90,000/- to Rs. 5,00,000/- 10% of (total income minus Rs. 1,90,000/-)
Rs. 5,00,000/- to Rs. 8,00,000/- Rs. 31,000/- + 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 8,00,000/- Rs. 91,000/- + 30% of (total income minus Rs. 8,00,000/-)

RESIDENT SENIOR CITIZEN

(Who is 60 years or more at any time during the previous year.)

Net Income Range Income Tax Rates
Up to Rs. 2,40,000/- Nil
Rs. 2,40,000/- to Rs. 5,00,000/- 10% of (total income minus Rs. 2,40,000/-)
Rs. 5,00,000/- to Rs. 8,00,000/- Rs. 24,000/- + 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 8,00,000/- Rs. 84,000/- + 30% of (total income minus Rs. 8,00,000/-)

ANY OTHER INDIVIDUAL/ HUF/ AOP/ BOI/ ARTIFICIAL JURIDICIAL PERSON

Net Income Range Income Tax Rates
Up to Rs. 1,60,000/- Nil
Rs. 1,60,000/- to Rs. 5,00,000/- 10% of (total income minus Rs. 1,60,000/-)
Rs. 5,00,000/- to Rs. 8,00,000/- Rs. 34,000/- + 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 8,00,000/- Rs. 94,000/- + 30% of (total income minus Rs. 8,00,000/-)

PLUS EDUCATION CESS @ 3% OF INCOME TAX.