Preperation and Calculation of Your Income Tax for the Assessment Year 2011-12

Preperation and Calculation of Your Income Tax for the Assessment Year 2011-12

Income Tax slabs have been increased slightly (by Rs. 20,000 for men & for women no change  for the Assessment Year 2010-11. The updated income tax slabs are:Income Tax Slabs 2011/2012for Men

Income: upto 1.8 lacs	NO TAX
Income : 1.8 lacs to 3 lacs	10 %
Income : 3 lacs to 5 lacs	20 %
Income : above 5 lacs	30 %

Income Tax Slabs 2011/2012 Women

Income : upto 1.9 lacs	NO TAX
Income : 1.9 lacs to 3 lacs	10 %
Income : 3 lacs to 5 lacs	20 %
Income : above 5 lacs	30 %

SOFTWARE FOR CALCULATING INCOME TAX IN ADVANCE  FOR THE COMING YEAR 2011-12-CLICKHERE

Form No.10-I Section 80DDB Form No-10-IA Section 80DD-80U  Information to DDO- TDS on salaries

Preperation and Calculation of Your Income Tax for the Assessment Year 2010-11

Income Tax slabs have been increased slightly (by Rs. 10,000 for men & women and Rs. 15,000 for Senior Citizen) for the Assessment Year 2009-10. The updated income tax slabs are:

Income Tax Slabs 2010/2011for Men

Income: upto 1.6 lacs	NO TAX
Income : 1.6 lacs to 3 lacs	10 %
Income : 3 lacs to 5 lacs	20 %
Income : above 5 lacs	30 %

Income Tax Slabs 2010/2011 or Women

Income : upto 1.9 lacs	NO TAX
Income : 1.9 lacs to 3 lacs	10 %
Income : 3 lacs to 5 lacs	20 %
Income : above 5 lacs	30 %

Income Tax slabs 2009/2010 for Senior Citizen

Income : upto 2.4 lacs	NO TAX
Income : 2.4 lacs to 3 lacs	10 %
Income : 3 lacs to 5 lacs	20 %
Income : above 5 lacs	30 %

In addition to the income tax calculated according to the above income tax slabs, a 3% of Education cess will be charged on the total Income tax paid (not on the total taxable income). If the taxable income exceeds Rs. 10 lacs, a 10% surcharge on the total income tax (not on the total taxable income) is also charged.