Central Government Employment News, 7th Pay Commission, MACP, LTC, CGHS, Railways, Bank News, CPSE, NPS, Pension, DOPT and More

New income Tax rates announced in Budget 2011

These are New Basic Income tax Rates for the financial year 2011-12 (Assessment year 2012-13) announced by Finance Minister in the Budget 2011.  Detailed Income Tax Rates will follow

  • Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs. 2,000.
  • Senior citizens' age qualification reduced from 65 years to 60 years
  • Exemption for senior citizens raised to Rs. 2.5 lakhs
  • Higher exemption for new category of very senior citizens – above 80 years of age.
  • Tax exemption raised to Rs. 5 lakh for these very senior citizens.

Further it was announced by FM that Direct Tax Code Bill is likely to be passed by Parliament in the next financial year.

Comments
Loading...
;