Around this time of year –there’s one question which is bound to come to everyone’s mind. How much do I have to save in order to reduce income tax liability or How much income tax I am liable to pay? What are the income tax slabs individual will fall under, how much income tax rebate is offered to females or senior citizens. Keeping in mind, though of sharing the income tax slabs information for the last ‘3’ years. May be this will help in clearing some confusion about the savings which are to be done and tax which is liable.
Income Tax Rates / Slabs in India as per Assessment Year
Income Tax Rates/Slabs for Annual Year (2011-12)
| Slab (Rs.) | Tax (Rs.) |
| less than 1,60,000 | Nil |
| 1,60,000 to 5,00,000 | (TI – 1,60,000) * 10% |
| 5,00,000 to 8,00,000 | 34,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 94,000 + (TI – 8,00,000) * 30% |
Women aged 65 years or less
| Slab (Rs.) | Tax (Rs.) |
| less than 1,90,000 | Nil |
| 1,90,000 to 5,00,000 | (TI – 1,90,000) * 10% |
| 5,00,000 to 8,00,000 | 31,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 91,000 + (TI – 8,00,000) * 30% |
Senior Citizens (Individuals aged above 65 years)
| Slab (Rs.) | Tax (Rs.) |
| less than 2,40,000 | Nil |
| 2,40,000 to 5,00,000 | (TI – 2,40,000) * 10% |
| 5,00,000 to 8,00,000 | 26,000 + (TI – 5,00,000) * 20% |
| Greater than 8,00,000 | 86,000 + (TI – 8,00,000) * 30% |
Income Tax Rates/Slabs for Annual Year (2010-11)
| Slab (Rs.) | Tax (Rs.) |
| less than 1,60,000 | Nil |
| 1,60,000 to 3,00,000 | (TI – 1,60,000) * 10% |
| 3,00,000 to 5,00,000 | 14,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 54,000 + (TI – 5,00,000) * 30% |
Women aged 65 years or less
| Slab (Rs.) | Tax (Rs.) |
| less than 1,90,000 | Nil |
| 1,90,000 to 3,00,000 | (TI – 1,90,000) * 10% |
| 3,00,000 to 5,00,000 | 11,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 51,000 + (TI – 5,00,000) * 30% |
Senior Citizens (Individuals aged above 65 years)
| Slab (Rs.) | Tax (Rs.) |
| less than 2,40,000 | Nil |
| 2,40,000 to 3,00,000 | (TI – 2,40,000) * 10% |
| 3,00,000 to 5,00,000 | 6,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 46,000 + (TI – 5,00,000) * 30% |
Income Tax Rates/Slabs for Annual Year (2009-10)
| Slab (Rs.) | Tax (Rs.) |
| less than 1,50,000 | Nil |
| 1,50,000 to 3,00,000 | (TI – 1,50,000) * 10% |
| 3,00,000 to 5,00,000 | 15,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 55,000 + (TI – 5,00,000) * 30% |
Women aged 65 years or less
| Slab (Rs.) | Tax (Rs.) |
| less than 1,80,000 | Nil |
| 1,80,000 to 3,00,000 | (TI – 1,80,000) * 10% |
| 3,00,000 to 5,00,000 | 12,000 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 52,000 + (TI – 5,00,000) * 30% |
Senior Citizens (Individuals aged above 65 years)
| Slab (Rs.) | Tax (Rs.) |
| less than 2,25,000 | Nil |
| 2,25,000 to 3,00,000 | (TI – 2,25,000) * 10% |
| 3,00,000 to 5,00,000 | 7,500 + (TI – 3,00,000) * 20% |
| Greater than 5,00,000 | 47,500 + (TI – 5,00,000) * 30% |