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.

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:

• multiutils.com/itax/itax1011.htm

Some more information about ways of saving tax will follow.