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INCOME TAX FY 2011-12

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ஆண்டுக்கு ரூ.4 லட்சம் வருமானமா? வரியில் இனி, ரூ.7210 மிச்சமாகும் New Income Tax Rates/Slabs for Assesment Year 2012-13 (F Y 2011-12) Income Tax Rates/Slabs Rate (%) Up to 2,00,000 Up to 2,50,000 (for women) Up to 2,50,000 (for resident individual of 65 years or above) NIL 2,00,000 – 5,00,000 10 5,00,001 – 10,00,000 20 10,00,001 upwards 30 Major amendments introduced by Direct Taxation Code (DTC) bill for FY 2011-12: The new code comes into effect from April, 2011. Withdrawal from provident funds will not be taxed. Deduction from available income...

Income tax rates for financial year 2010-11.

The following are the income tax rates announced in union budget 2010 applicable for financial year 2010-11. Individual Male (Below the Age 65 Years) Up to 1,60,000 NIL From 1,60,001 to 5,00,000 10% From 5,00,001 to 8,00,000 20% Above Than 8,00,000 30% Individual Female (Below the Age of 65 Years) Up to 1,90,000 NIL From 1,90,001 to 5,00,000 10% From 5,00,001 to 8,00,000 20% Above Than 8,00,000 30% Senior Citizen (Above than 65 years of age) Up to 2,40,000 NIL 2,40,001 to 5,00,000 10% 5,00,001 to 8,00,000 20% Above Than 8,00,000 30% In addition to Rs. 1,00,000/- savings in Section 80C now we can save additionally Rs 20,000/- in long-term infrastructure bonds as notified by the Central Government. Any citizen in unorganized sector can open NPS account for the financial year (2010-11) with minimum payment 1000 and maximum 12,000. Government will pay Rs,1000 for next 3 years.