As per budget presented on 28th Feb, 2011, Pranav Mukherjee proposed changes as per below.
- The income tax exemption limit has been raised from the current 1.6 lakh to 1.8 lakh.
- A new tax slab has been introduced for senior citizens of 80 years and above. There will not be any tax upto 5 lacs income for people above 80 years.
- Current age limit for consideration as senior citizens has been reduced from 65 years to 60. And they will get tax exemption for income up to Rs 2.5 lakh (earlier it was 2.4 lakhs).
- There is no change in tax slabs for women.
- A new income tax return form Sugam to be introduced to simplify tax return filing further.
- From 1st June 2011, all salaried persons which do not have any other sources of income and employer deducts income tax through TDS, will be excluded from filing returns. So if one earns only through salary, he/she need not to file income tax return as data for the same is already there with income tax department.
Full Budget Speech can be downloaded here.
Income Tax Rates for financial year 2011-2012
| For Men | |
| Upto Rs. 1,80,000/- | Nil |
| Rs. 1,80,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,000/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 2,50,000/- | Nil |
| Rs. 2,50,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 80 years or above (Very Senior Citizens) | |
| Upto Rs. 5,00,000/- | Nil |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
what about retired pensioners, with an income of around 5 lakhs; which includes pension and interest earnings.
Kindly confirm they will be required to submit i.T. return.
@Ajay
in case on interest earnings, income tax return will have to be filed as there will be income other than salary also.
@Ajay
In addition to previous comment, In case a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction.
in case on interest earnings, income tax return will have to be filed as there will be income other than salary also. or in case of a salary earner has income form other sources like dividend , interest etc.
Hi,
The income tax calculator sheet for 2011-2012 does not include VPF (Voluntarily Provident Fund) contribution. Could you please update it.
Thanks and regards,
Krishnaraj
@Krishnaraj
I will add separate row for same soon.
For now you can use Row 98 for the same.
I HAVE DOWNLOADED INCOME TAX CALCULATOR FY2010-11 FORM YOUR SITE IT IS AMAZING BUT I UNABLE TO SEE THE CALCULATION OR BIG FIGURE SO PLS PROVIDE ME THE SHEET PASSWORD REQUESTING YOU SIR
Regards
Sandeep
@Sandeep
Let me know your questions, i.e. which calculation you want to see.
Hi Pankaj
I had a question regarding Per Diems. I get a per diem from my company during my stay in US apart from my salary. This is not as per actuals but a fixed amount. When paying my salary and deducting TDS, will this per diem be taken into account
@Mukund
Read an answer to similar question here: http://www.socialfinance.in/questions/132/per-diem-taxation
nil incom tax on salary f.y.2010-2011
is IT RETURN IS REQUIRED FOR THE PERSON WHOSE ANNUAL INCOME IS 5LAKHS.
@Shash
If income is only from salaries and bank interest (less than 10,000) and total income is less than 5 lakh, then there is no need to file income tax return.
For income tax computation, download and use income tax calculator (http://www.pankajbatra.com/india/income-tax-calculator-india-2010-2011-2012/)
MINE SALARY IS 3 LAKHS SO MUCH SHOULD I PAY AS A TAX