The new slabs for Income Tax in India were proposed in the Union Budget 2010 by Finance Minister, Pranab Mukherjee. Given the new tax slabs that are expected to be in force from the FY 2010-11 or Assessment Year 2011-12 we have prepared an Income Tax Calculator for financial year 2010-11 for your convenience.
Broadly speaking, the tax slabs exempt all income below INR 1,60,000 whereas the income between INR 1,60,000 and INR 5,00,000 is proposed to be taxed at the rate of 10%. The next income tax slab lies between INR 5,00,000 and INR 8,00,000 for which the rate of taxation is 20%. Finally, all income above INR 8,00,000 would be taxed at the rate of 30%.
Also, the minimum turnover limit for small businesses for mandatory audit has been raised to INR 60,00,000. Similarly, in case of individuals, professional receipts exceeding INR 15,00,000 would be subjected to compulsory audit for filing of Income Tax Return.
Using the income tax calculator 2010-11 attached with this post you can see that for most of the individuals having income levels above INR 3,00,000 there is a steady reduction in the overall income tax liability. This is a clear step to reduce the overall tax burden from the shoulders of Indian Middle class which typically has income between 3,00,000 to 10,00,000 rupees per-annum – and especially so for the salaried people.
Please find the income tax calculator 2010-11 attached. This calculator caters to Assessment Year 2011-12 ( AY 2011-12).
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 148,793 hits)
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i had purchased a house 6 years back on loan much away from my city of job and availed exemption both on house loan and HRA and showed notional rent income for the free house. 3 years back, i again purchased a house but didnot avail any exemption against this. Now, my loan payments for the previous purchase house is over on 31/3/2011. Can i now avail loan exemption on this second house,alongwith HRA .
@Vibhor
Earlier also you would have been able to claim tax benefit for both loans and HRA, if both houses are not at a commutable distance from work place.
Now also you can claim loan interest exemption for second house if you show it not self occupied and on rent.
Hai I am Shivanna now i go to file last year return i.e 2010-11, my salary income is 1,20,00 and other income is 47000 total income is Rs.167000 and paid LIC premium is Rs.7405 so please find my net income & any tax is applicabale
@Shivana
As after 80C deduction, your income is below taxable range, there won’t be any income tax payable.
Thank u and can u able to give description?
I am male & age 37
my total income is Rs 504727/=
total HRA Rs 28800/=
Hill allowance Rs 6480/=
Saving Rs 100000/=
Total CPF (employ after 2009) Rs 42673/= & Govt share Rs 85346/=
no other income,saving & allowances
pls help me calculate the tax
Praveen
@Praveen
Please use income tax calculator excel for tax computation.
i have a gross salary of 368000 and i declared 70113 under 80 c 3012 under sec 80d pro tax 2400, exempt hra 43000 even though my employer deducted Rs.12000 tax. Can Some one guide me how to calculate tax in my case
@Srikanth
Please download latest income tax calculator from this page: http://www.pankajbatra.com/india/income-tax-calculator-india-2010-2011-2012 and compute your income tax.
Hi!I wrk in kolkata my monthly income is Rs.23000/-after deduction i get Rs.22870/- plus I have got a anual Bonus of Rs.37800/-.I have a LIC Rs.12171/-&anual rent of Rs.36000/-what should be my tax ammount.
@Avijit
Please download income tax calculator and compute taxes yourself.
It can be download from this page: http://www.pankajbatra.com/india/income-tax-calculator-india-2010-2011-2012/
dear sir i want know how to deduct income tax?
according April-2012 rules.
@Rajendra
Check this page: http://www.pankajbatra.com/finance/income-tax-calculator-2012-2013-2014/