Income Tax Slabs FY 2010 – 2011
If you too are looking for tax calculations on your total income and the income tax slabs for the ongoing Financial Year i.e. FY 2010 – 2011 (which is similar to saying Assessment Year 2011 – 2012 or AY 2011 – 2012) then here are they for the quick bookmark.
Education and other Cess are in addition to the below percentage.
| Income Tax Slab for AY 11-12 (FY 10-11) | ||
| A) Following are valid for Resident Senior Citizens | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,40,000 | No tax / exempt |
| 2 | 2,40,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| B) These are for Resident Women (below 65 years) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,00 | 20% |
| 4 | Above 8,00,000 | 30% |
| C) Following are true for Others & Men | ||
| 1 | Up to Rs 1,60,000 | No tax / exempt |
| 2 | 1,60,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
But how to actually calculate income tax??
For normal category (C above) the simple calculation is as follows:
- Total Taxable Income in 10% slab maximum tax will be Rs 34000 or 10% of income above Rs 1,60,000 but less than Rs 5,00,000.
- Total Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 = Rs 94000 or Rs 34000 + 20% of income above Rs 5,00,000 but less than Rs 8,00,000.
- Total Taxable Income in 30% slab minimum tax will be Rs 94000 + 30% of the income above Rs 8 Lacs
For a quick calculator you can refer to following simple calculators:
- law.incometaxindia.gov.in/Dit/xtras/taxcalc.aspx
- financeminister.in/income_tax_calculator_2010_2011.php
If you are looking for detailed computation you can refer to following link:
Some more information about ways of saving tax will follow.
