Tax

Hiren S. Dabhi (Articled Assistant) (36 Points)

28 March 2011

what is BEL for 2011-12?

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4 Replies

Ravi Dasija (C.A. ) (273 Points)
Replied 28 March 2011

1) Slab rates for Individuals and HUF is

0 to 1,80,000 0%

1,80,001 to 5,00,000 10%

5,00,001 to 8,00,000 20%

8,00,001 and above 30%

2) For womens below the age of 65 years

0 to 1,90,000 0%

(Rest same as above)

3) For residential individual between 65 to 80 years of age

0 to 2,50,000 0%

Rest asme as above

4) for Residentail Individual above 80 years of age

0 to 5,00,000 0%

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CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 28 March 2011

Income tax rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below:

Income tax slab for ay 11-12
New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11)
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%
Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11)
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%
New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11)
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%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs 34000
Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 total Rs 94000
Taxable Income in 30% slab minimum tax will be Rs 94000

Education and other cess will be in addition to this

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 28 March 2011

Originally posted by : saroj kumar
	Income tax rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below: Income tax slab for ay 11-12 New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11) 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% Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11) 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% New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11) 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% For normal category the simple calculation is as follows Taxable Income in 10% slab maximum tax will be Rs 34000 Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 total Rs 94000 Taxable Income in 30% slab minimum tax will be Rs 94000 Education and other cess will be in addition to this