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).
Like this:
Like Loading...
Related
This entry was posted on November 21, 2010 at 1:37 pm and is filed under Tax Rates as applicable. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Indian Tax Guide 
November 21, 2010 at 11:12 pm |
[…] Income Tax rates applicable for A.Y. 2011-12 « Indian Tax Guide […]
February 16, 2011 at 12:54 pm |
pls spcify HUF tax liability
February 26, 2011 at 1:16 pm |
Same as applicable for individual.
February 17, 2011 at 5:11 am |
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
February 26, 2011 at 1:48 pm |
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/-.
February 17, 2011 at 5:12 am |
information reqd forA/Y2011-12
April 15, 2011 at 1:56 pm |
what is very senior citizen?
April 22, 2011 at 3:00 pm |
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.
April 15, 2011 at 1:56 pm |
what is very senior citizen? what is the age specified for them?
April 22, 2011 at 4:25 pm |
what is the deduction limit for very senior citizens for the ay 2011-12
June 1, 2011 at 11:52 am |
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.
May 10, 2011 at 4:00 pm |
plz send me income tax rete slab ay .2011-12
June 1, 2011 at 11:57 am |
Tax slabs for A.Y. 2011-12 are already given on my blog.
May 19, 2011 at 11:20 am |
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
May 23, 2011 at 5:27 pm |
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
June 1, 2011 at 11:59 am |
No interest paid on personal loans used for personal purposes cannot be claimedas expense of any nature.
May 26, 2011 at 11:49 am |
what is education cess
June 1, 2011 at 11:41 am |
Education Cess is additional tax levied by central govt. which is utilised for education in India.
May 26, 2011 at 11:51 am |
what is the meaning of senior higher education cess
June 1, 2011 at 11:50 am |
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.
May 28, 2011 at 6:17 pm |
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.
June 5, 2011 at 3:49 pm |
Nice answers
July 17, 2012 at 11:40 am |
In financial year 2011-12 income from Bank Interst (Saving Bank Or Fixed Deposit) is taxable or up to 10000/- rebate will be allowed ?
August 9, 2012 at 1:01 pm |
rebate is from AY 2013-14. But intt on FD is still taxable.