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Income Tax Rates for 2010 - 2011
When calculating the income tax liability each year, the first and foremost aspect which comes across one’s mind is the tax slabs. In this year’s annual budget, the government has brought about relief for the common man by widening this tax slab from the previous years. Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.
Basic Tax Jargons
Financial Year, Assessment Year and Previous Year, do these commonly used income tax jargons often confuse you? This is what they mean.
- Financial Year (FY) – Duration of one year between 1st April to 31st March of the following year, in which all financial information are reported. The current financial year is 1st April 2010 to 31st March 2011.
- Assessment Year (AY) – The income of a particular financial year is assessed in the following financial year, which is known as the assessment year. For the current financial year, income will be assessed in the assessment year 2011-2012.
- Previous Year (PY) – The financial year preceding the assessment year, the income of which is assessed in the following assessment year. Assessment year 2011-2012 will assess income for previous year 2010-2011.
Income Tax Slabs
With the upward revision of the tax slabs, there would now be more savings for the consumers. Basic tax exemptions limits have been retained; however, the brackets have been broadened. Below are the income tax slabs and rates applicable for the current financial year 2010-11 and assessment year 2011-12.
Tax Slabs for Male Assesses(less than 65 years)
| Income: up to 1.6 lakhs | No Tax | ||
| Income : 1.6 lakhs to 5 lakhs | 10 % | ||
| Income : 5 lakhs to 8 lakhs | 20 % | ||
| Income : above 8 lakhs | 30 % | ||
Tax Slabs for Women Assesses (less than 65 years)
| Income : up to 1.9 lakhs | No Tax | ||
| Income : 1.9 lakhs to 5 lakhs | 10 % | ||
| Income : 5 lakhs to 8 lakhs | 20 % | ||
| Income : above 8 lakhs | 30 % | ||
Tax Slab for Senior Citizen
| Income : up to 2.4 lakhs | No Tax | ||
| Income : 2.4 lakhs to 5 lakhs | 10 % | ||
| Income : 5 lakhs to 8 lakhs | 20 % | ||
| Income : above 8 lakhs | 30 % | ||
As a result of the widening of the tax brackets, for an individual in the bracket between Rs. 3 Lakhs to Rs. 5 Lakhs, there could now be a saving of up to Rs. 20,000. Earlier, this bracket of 10% tax rate was applicable only up to an income of Rs. 3 Lakhs. Similarly, for the tax slab of Rs.8 Lakhs and above, there could now be a saving of more than Rs.50, 000.
Additionally, the government has also introduced section 80CCF where investments in infrastructure funds could fetch an extra deduction of Rs 20,000.
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