new slab rate f0r 2011-12

New Direct Tax Code 39034 views 18 replies

 

New Direct Tax Code in 2011-2012, India

 

Government of India has proposed a new Direct Tax code or Direct Taxes Code to replace the old Indian Income Tax Act of 1961. This Direct Tax code is an attempt to simply the tax-life of an individual. The way it works is that the income tax slabs are increased, however several deductions (e.g. deduction on housing loan) and tax-breaks are taken away. A detailed post will be written about Direct Tax Code. Below you will find the proposed income tax slabs under the Direct Tax code will be debated in the Parliament and if approved, will be implemented in 2011-2012.

 

Income Tax rates or Tax Slabs under Direct Tax Code : Table

 

Direct Tax Code slabs, 2011-2012, Men
Income: upto 1.6 lacs no income tax
Income : 1.6 lacs to 10 lacs 10 %
Income : 10 lacs to 25 lacs 20 %
Income : above 25 lacs 30 %


Direct Tax Code slabs 2011-2012, Women

Income : upto 1.9 lacs NO TAX
Income : 1.9 lacs to 10 lacs 10 %
Income : 10 lacs to 25 lacs 20 %
Income : above 25 lacs 30 %


Direct Tax Code slabs 2011-2012, Senior Citizen

Income : upto 2.4 lacs NO TAX
Income : 2.4 lacs to 10 lacs 10 %
Income : 10 lacs to 25 lacs 20 %
Income : above 25 lacs 30 %

 


Education cess and surcharge on total income tax

It is not clear whether education cess and surcharge will be applicable on income tax collected under direct tax code. According to the current indian income tax act, in addition to the income tax calculated according to the above income tax slabs, a 3% of Education cess is charged on the total Income tax paid (not on the total taxable income). If the taxable income exceeds Rs. 10 lacs, a 10% surcharge on the total income tax (not on the total taxable income) is also charged.



COMMENT GUYS Does IT inCREase THE quantity of tax payers . does it fair , what effect on Infrastructure of india 

Replies (18)

Thank you 4 info...

If these are applicable, there will be no question of black money.

thank you very much

Sorry but i feel there is one mistake.I am not sure.But the basic limit is enhanced to 2 lakhs and not 1 lakh 60000 for both ladies and gents.

 

Kindly confirm that as i am sure i heard this on news.

thanks for sharing

Thanks for sharing 

Originally posted by : janakiram

thanks for sharing
  Income Level / Slabs Income Tax Rate
i. Where the total income does not exceed Rs.1,60,000/-. NIL
ii. Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-. 10% of amount by which the total income exceeds Rs. 1,60,000/-
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-. Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

  Income Level / Slabs Income Tax Rate
i. Where the total income does not exceed Rs.1,90,000/-. NIL
ii. Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-. 10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-

  Income Level / Slabs Income Tax Rate
i. Where the total income does not exceed Rs.2,40,000/-. NIL
ii. Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.2,40,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- Rs.26,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

but for assesse other than company there is no surcharge levied

Originally posted by : Magnet
Sorry but i feel there is one mistake.I am not sure.But the basic limit is enhanced to 2 lakhs and not 1 lakh 60000 for both ladies and gents.
 
Kindly confirm that as i am sure i heard this on news.

NO enhancement , i confirmed its 1.6 and 1.9 lacs

SOrry but i am pretty much sure its changed.

CHeck here

https://ibnlive.in.com/news/new-tax-code-cleared-exemption-slabs-hiked/129664-7.html

https://business.rediff.com/report/2010/aug/30/direct-tax-code-bill-deferred-by-a-year.htm

 

 

Also one more thing  dtc have been deferred to finanical year 2012-2013.I mean revised dtc.

 

WHat you have shared is old dtc draft which have been changed drastically  in terms of limit

Thanks for sharing ....

hey magnet, the new slab rate rate are for the direct tax code which is yet to e implemented....wait till budget i.e. 28 feb

I guess the table shares too is of direct tax code.


And that too have been revised.

I mean to say changes have been done to same and now revised direct code will apply this is the original draft.

Originally posted by : Prateek
The slabs given by you Mr Prateek differ from the ones given by the one at the top by Mr Bhav Sharma.  Which are the correct one???



 

Income Level / Slabs

Income Tax Rate



i.

Where the total income does not exceed Rs.1,60,000/-.

NIL



ii.

Where the total income exceeds Rs.1,60,000/- but does not exceed Rs.5,00,000/-.

10% of amount by which the total income exceeds Rs. 1,60,000/-



iii.

Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.

Rs. 34,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.



iv.

Where the total income exceeds Rs.8,00,000/-.

Rs. 94,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.




II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-




 

Income Level / Slabs

Income Tax Rate



i.

Where the total income does not exceed Rs.1,90,000/-.

NIL



ii.

Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.

10% of the amount by which the total income exceeds Rs.1,90,000/-.



iii.

Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.

Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.



iv.

Where the total income exceeds Rs.8,00,000/-

Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.




III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-




 

Income Level / Slabs

Income Tax Rate



i.

Where the total income does not exceed Rs.2,40,000/-.

NIL



ii.

Where the total income exceeds Rs.2,40,000/- but does not exceed Rs.5,00,000/-

10% of the amount by which the total income exceeds Rs.2,40,000/-.



iii.

Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-

Rs.26,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.



iv.

Where the total income exceeds Rs.8,00,000/-

Rs.86,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

 


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