Government of India has increased the basic personal income tax exemption limit from Rs. 160,000 to Rs. 160,000 for Financial Year 2010-2011 and Assessment Year 2011-2012. The new income tax rates or income tax slabs are effective from April 01, 2010.
Personal Income Tax Rates for the Financial Year 2010-2011 and Assessment Year 2011-2012
New Delhi (Delhi, India), October 14, 2019
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 160,000 to Rs. 160,000
The Government of India has increased the basic personal income tax exemption limit from Rs. 160,000 to Rs. 160,000 for the Financial Year 2010-2011 and Assessment Year 2011-2012.
The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2010 to March 31, 2011.
Mr. Pranab Mukherjee, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Friday, February 26, 2010 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2010-2011 (Assessment Year 2011-2012).
Income Tax Slabs for the Individual Male (Below 65 Years Age) for the Assessment Year 2011-2012
| Sl No. | Income Tax Slab | Income Tax Rate Payable |
| 1. | Rs. 0 to 160,000 | No Income Tax |
| 2. | Rs. 160,001 to 500,000 | 10% |
| 3. | Rs. 500,001 to 800,000 | 20% |
| 4. | Rs. 800,001 and above | 30% |
Income Tax Slabs for the Individual Female (Below 65 Years Age) for the Assessment Year 2011-2012
| Sl No. | Income Tax Slab | Income Tax Rate Payable |
| 1. | Rs. 0 to 190,000 | No Income Tax |
| 2. | Rs. 190,001 to 500,000 | 10% |
| 3. | Rs. 500,001 to 800,000 | 20% |
| 4. | Rs. 800,001 and above | 30% |
Income Tax Slabs for the Senior Citizen (Above 65 Years Age) for the Assessment Year 2011-2012
| Sl No. | Income Tax Slab | Income Tax Rate Payable |
| 1. | Rs. 0 to 240,000 | No Income Tax |
| 2. | Rs. 240,001 to 500,000 | 10% |
| 3. | Rs. 500,001 to 800,000 | 20% |
| 4. | Rs. 800,001 and above | 30% |
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