Income Tax rates often confuses those people who want to pay it . Most of them are are confused to current tax rates/slabs . Following are the rates for the year 2011-12 and 2010-2011:
Income Tax Rates/Slabs for A.Y. (2011-12)
| Slab (Rs.) | Tax (Rs.) |
| less than 1,60,000 | Nil |
| 1,60,000 to 5,00,000 | (TI – 1,60,000) * 10% |
| 5,00,000 to 8,00,000 | 34,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 94,000 + (TI – 8,00,000) * 30% |
Women aged 65 years or less
| Slab (Rs.) | Tax (Rs.) |
| less than 1,90,000 | Nil |
| 1,90,000 to 5,00,000 | (TI – 1,90,000) * 10% |
| 5,00,000 to 8,00,000 | 31,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 91,000 + (TI – 8,00,000) * 30% |
Senior Citizens (Individuals aged above 65 years)
| Slab (Rs.) | Tax (Rs.) |
| less than 2,40,000 | Nil |
| 2,40,000 to 5,00,000 | (TI – 2,40,000) * 10% |
| 5,00,000 to 8,00,000 | 26,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 86,000 + (TI – 8,00,000) * 30% |
Income Tax Rates/Slabs for A.Y. (2010-11)
| Slab (Rs.) | Tax (Rs.) |
| less than 1,60,000 | Nil |
| 1,60,000 to 3,00,000 | (TI – 1,60,000) * 10% |
| 3,00,000 to 5,00,000 | 14,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 54,000 + (TI – 5,00,000) * 30% |
Women aged 65 years or less
| Slab (Rs.) | Tax (Rs.) |
| less than 1,90,000 | Nil |
| 1,90,000 to 3,00,000 | (TI – 1,90,000) * 10% |
| 3,00,000 to 5,00,000 | 11,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 51,000 + (TI – 5,00,000) * 30% |
Senior Citizens (Individuals aged above 65 years)
| Slab (Rs.) | Tax (Rs.) |
| less than 2,40,000 | Nil |
| 2,40,000 to 3,00,000 | (TI – 2,40,000) * 10% |
| 3,00,000 to 5,00,000 | 6,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 46,000 + (TI – 5,00,000) * 30% |
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