New Income Tax Slabs for 2010-11, 2011-12, Update 2012-13

The Finance minister, in the budget today, revised the income tax slabs for the financial year 2010-2011. The new tax slabs will provide a relief to middle class & common man.

Latest/Revised Income Tax Slabs/Rates for FY 2010-11

Slabs (Rs)	Rate (%)
0 – 1,60,000	No tax
1,60,001 – 5,00,000	10
5,00,001 – 8,00,000	20
Above 8,00,000	30

Update – Non taxable slab is Rs. 1,90,000 for women and Rs. 2,40,000 for senior citizens of 65 and above.

This post is meant for Indians. Don’t worry, I’ll be a techie only 😀

Update 2 (Feb 28, 2011) – Income tax exemption limit for individuals raised from Rs 1.60 lakh to Rs 1.80 lakh for FY 2011-2012.

NEW (March 16, 2012) – Finance Minister Pranab Mukherjee today announced the Indian Budget for 2012, which also introduces revised Income Tax slabs for FY 2012-2013. The income tax exemption limit has been increased to Rs. 2 lakh for individuals, 20% tax applicable on income ranging between 5-10 lakh and 30% tax on income above 10 lakh. Following this change, direct taxes would result in a net revenue loss of 4500 crores.

Slabs (Rs)	Rate (%)
0 – 2,00,000	No tax
2,00,000 – 5,00,000	10%
5,00,000 – 10,00,000	20%
Above 10,00,000	30%