Income Tax rates applicable for A.Y. 2011-12

Tax Rates as applicable for different persons for the A.Y. 2011-12 are as under:
 For resident woman (who is below 65 years of age at any time during the previous year):
 Net Income range      Income Tax rates                   Surcharge      Education Cess
 Upto Rs. 1,90,000       Nil                                           Nil                   Nil
Rs. 1,90,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 1,90,000)
Rs. 5,00,000- Rs         Rs. 31,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 91,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   3% of Income Tax
 
 
For resident senior citizen (who is 65 years or more of age at any time during the previous year:
Net Income range      Income Tax rates                   Surcharge      Education Cess
Upto Rs. 2,40,000       Nil                                           Nil                   Nil
Rs. 2,40,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 2,40,000)
Rs. 5,00,000- Rs         Rs. 26,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 86,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   3% of Income Tax
 
For any other individual, every HUF/AOP/BOI/artificial judicial person-
Net Income range      Income Tax rates                   Surcharge      Education Cess
Upto Rs. 1,60,000       Nil                                           Nil                   Nil
Rs. 1,60,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 1,60,000)
Rs. 5,00,000- Rs         Rs. 34,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 94,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   3% of Income Tax
Surcharge on individual, every HUF/AOP/BOI/artificial judicial person abolished.
Firms:-
A firm is taxable at the rate of 30% for the Assessment Year 2011-12.
Surcharge: Nil
Education Cess: 3% of Income Tax + Surcharge( if applicable).
Companies:-
A domestic company is taxable at the rate of 30% for the Assessment Year 2011-12.
Surcharge: 7.5% of Income Tax if net income exceeds Rs. 1 crore.
                   Nil if income does not exceed Rs. 1 Crore.
Education Cess: 3% of Income Tax + Surcharge( if applicable).
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24 Responses to “Income Tax rates applicable for A.Y. 2011-12”

  1. Legal Solutions – Bent Benefit Scheme Says:

    [...] Income Tax rates applicable for A.Y. 2011-12 « Indian Tax Guide [...]

  2. Amit Mishra Says:

    pls spcify HUF tax liability

  3. narayanan subrahmanyam Says:

    could you give me tax rates eor long term gains on sale of
    shares 2. what is tax relief admissible under 80 D for mediclaim policy on joint policyeor husband and wife who are sr.citizens

    • Viviek Says:

      Long term capital gain on sale of shares on which STT is paid is exempt from tax.
      Tax relief u/s 80D for mediclaim policy of senior citizen (above 65 yrs) is Rs. 20000/-.

  4. narayanan subrahmanyam Says:

    information reqd forA/Y2011-12

  5. AVANI SHAH Says:

    what is very senior citizen?

    • Viviek Says:

      In the Finance Bill 2011 our Hon’rable FM has came out with this new term “very senioy citizen”.
      This includes citizens above the age of 80 yrs.

  6. AVANI SHAH Says:

    what is very senior citizen? what is the age specified for them?

  7. niti srthi Says:

    what is the deduction limit for very senior citizens for the ay 2011-12

    • Viviek Says:

      There is no category for very senior citizens for A.Y. 2011-12. This special category is from A.Y. 2012-12 onwards where income upto Rs. 5 lacs is exempt.

  8. RAMESH SAGAR Says:

    plz send me income tax rete slab ay .2011-12

  9. Ashish Bendbhar Says:

    Dear sir, Madam,
    i have earned income from farming 70000/- to 100,000/- p.a from shugercane, farming land on my father name but i have farming that land so shall i show agriculture income in ITR on my name?

    From,
    Ashish bendbhar

  10. sudhakara reddy Says:

    I would like to know whther interest piad on personal loans can be treated as short term losses or long term losses or Can be these be set off agaist interest earned via deposites. If so where can we fill in ITR 2

    • Viviek Says:

      No interest paid on personal loans used for personal purposes cannot be claimedas expense of any nature.

  11. sanjeeta Says:

    what is education cess

    • Viviek Says:

      Education Cess is additional tax levied by central govt. which is utilised for education in India.

  12. somdev yadav Says:

    what is the meaning of senior higher education cess

    • Viviek Says:

      The term is not senior, it is secondary and higher education cess. The amount collected from such tax is used specificly for secondary and higher education.

  13. Raman Kumar Says:

    An individual is said to be a “VERY SENIOR CITIZEN” when he/she attain the age of 80 years during the relevant financial year,applicable for AY 2011-12.

  14. kamesh Says:

    Nice answers

  15. Ratan lal Sharma Says:

    In financial year 2011-12 income from Bank Interst (Saving Bank Or Fixed Deposit) is taxable or up to 10000/- rebate will be allowed ?

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