Income Tax Slabs

March 5, 2011   ·   5 Comments

Lesson 1: Understanding

Click to read the latest article on tax slabs for 2012-13?

There are few changes which has been implemented for the Tax Slabs.

Quick highlights from Budget 2011:

  • Base slab for general tax payers increased to 1.8 lakh from original 1.6 lakh
  • Senior citizen age reduced to 60 years from last years 65 years. Senior citizen now include people between 60 and 80 years. Also increased the base slab for senior citizen to 2.5 lakh from previous years 2.4 lakh
  • A new category called “Very Senior citizen” added for people above 80 years

The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 are mentioned be Rlow:

Income tax slab for FY 11-12
New for Resident Senior Citizens (FY 2011-12)
S. No. Income Range Tax percentage
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2011-12)
1 Up to Rs 1,90,000 No tax / exempt
2 1,90,001 to 5,00,000 10%
3 5,00,001 to 8,00,00 20%
4 Above 8,00,000 30%
New Income Tax Slabs for FY 11-12 Others & Men (FY 2011-12)
1 Up to Rs 1,80,000 No tax / exempt
2 1,80,001 to 5,00,000 10%
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%
New Income Tax Slabs for FY 11-12 Very Senior Citizen (FY 2011-12)
1 Up to Rs 5,00,000 No tax / exempt
3 5,00,001 to 8,00,000 20%
4 Above 8,00,000 30%

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be Rs  32000
  • Taxable Income in 20% slab maximum tax will be Rs  34000 + Rs 60000 total Rs 94000
  • Taxable Income in 30% slab minimum tax will be Rs  94000

Education and other cess will be in addition to this


This Means if a man is earning 1.8 Lac Rs in a year then he doesn’t need to pay a Single Rs. as Income Tax. Similarly, slabs for Women & Senior citizens can be referred from the table.

Now how one can Calculate his Income Tax? What if he is earning more? One can certainly prevent from paying more Income Tax. Just continue to read through these  Lessons. In the Next Few Chapters, we shall learn how to calculate Income Tax & about Tax Saving. I will like to know how many of you understand your Salary Slip?  The First Foremost Step for saving Income Tax is to Understand Your Salary Pay Slip. Read it through the Next Chapter to understand what it is!!!

Click on the below Links to Read More about:
Lesson 1: Why Financial Planning?
Lesson 2: Power of Regular Savings – Part 1
Lesson 3: Power of Regular Savings – Part 2

Tax Saving:

Lesson 1: Tax Slabs

Lesson 2: Understanding Your Pay Slip

Lesson 3: How to Calculate Income Tax

Lesson 4: Tax Saving Techniques

Lesson 5: How to File Income Tax

Mutual Funds

Lesson 1: What & Why Mutual Funds?

Lesson 2: Different Kinds of Mutual Funds

Lesson 3: Systematic Investment Plan (SIP)

Lesson 4: Tax Saving Mutual Funds(ELSS Schemes) & Top 10 Best Perorfming ELSS Funds

Lesson 5: Balanced Mutual Fund

Lesson 6: Debt Mutual Fund

Lesson 7: Fixed Maturity Plans


Lesson 1: Life Insurance – Why &  How Much?

Lesson 2: Insurance & Types

Lesson 3: Term Insurance

Lesson 4: Endowment Policy

Lesson 5: Guarantee Money Back Policy

Lesson 6: ULIPS

Lesson 7: Hard Facts about New Ulips

Lesson 8: Pension Plans or Retirement Plans

Lesson 9: Child Insurance Plans

Lesson 10: Which Life Insurance should I Pick?

Lesson 11: Health Insurance

Lesson 12: Home Insurance

Lesson 13: Auto Insurance

Lesson 14: Mortgage Insurance

Lesson 15: Comparison between PPF vs LIC Jeevan Anand

Lesson 16: LIC – Retire & Enjoy plan


Lesson 1: Things one must know before taking a Home Loan

Lesson 2: Advantages of a pre-approved home loan

Lesson 3: Things to consider before buying a home
Lesson 4: Essential things to check before buying Home


Lesson 1: Why Stock Markets?

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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  • Megha aralulkar

    Pl mail

  • Rajesh

    @ Megha

    Let me know what you are looking for?

  • Santh1946

    For senior citizen (60-80yrs ) slab is 2.5 lakhs NOT 2.4 as mentioned.

  • Thanks Santh for pointing out..Corrected the slab.

  • jashnsamra

    Good presentation as every tax payers save tax and for that they looks into their different Income Tax Slab rates. In this blog Income Tax Slab is summarized which show how much tax payers can save and how much tax will be deducted after savings. Thanks for sharing Information about Income tax Slab

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