Tax

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%                           

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

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

Agree with Ravi,

Except the age limits for senior citizen, the age limit for senior citizen is 60 not 65 (proposed in finance budget 11-12)