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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.