Finance Minister Mr. Mukherjee has presented the Indian Union Budget 2011-11 today in the parliament. As most of you must be thinking about  the new tax slabs and rates effective for fiscal 2011-12. The finance minister has made some changes in the Income tax rates slabs for this year extending the tax exemptions by another Rs 20,000 to Rs 1.8 lakhs.

There are no changes in the income tax rates for women citizens for 2011-12 financial year. The tax exemption for senior citizens is now Rs 2.5 lakhs and the age for senior citizenship has also been reduced from 65 years earlier to 60 years now.

Also a new category called Very senior citizens has been introduced for citizens above 80 years of age. Now if you are wondering how much of tax will you be saving in the coming year, have a  look at the chart below. Common man doesn’t seem to be happy with the meager increase
in the tax exemptions given the huge inflation we are seeing.

Income Tax Calculator 2011-12

Income Tax Rate Slabs 2011-12

Please let us know your views and queries on the Income tax rate slabs for 2011-12 financial year.

 

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