Income tax slab for ay 11-12

New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11)

S. No. Income Range Tax percentage

1 Up to Rs 2,40,000 No tax / exempt

2 2,40,001 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 2010-11)

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 ay 11-12 Others & Men (FY 2010-11)

1 Up to Rs 1,60,000 No tax / exempt

2 1,60,001 to 5,00,000 10%

3 5,00,001 to 8,00,000 20%

Apart from the above-mentioned exemption, there are some more Statutory exemptions available for salaried employees applicable under Section 10.
HRA Exemption
HRA allowance received by the employee Or Actual rent paid – (10% of Basic + D.A.) Or 50% of (Basic + D.A.) incase the location is (Mumbai,
Kolkata, Chennai, Delhi) or 40% of (Basic + D.A.) in case of other cities. Or whichever is less of the above three.
Conveyance Exemption
Maximum Exempted u/s 10 upto Rs.9600 p.a. (i.e. @ Rs. 800 per month when paid along with the salary)
Medical Exemption
Maximum Exempted u/s 10 upto Rs.15000 p.a. based on the bills produced by the employee (i.e. @ Rs. 1250 per month when paid along with the salary)
Education Exemption
Maximum Exempted u/s 10 upto Rs.2400 p.a. based on no of dependent children’s declared by the employee (i.e. @ Rs. 200 per month when paid along
with the salary)
Telephone Exemption
Maximum Exempted u/s 10 upto Rs.18000 p.a. based on the bills produced by the employee
(i.e. @ Rs. 1500 per month when paid along with the salary)
Petrol and Vehicle Maintenance Exemption
For Car: Rs. 1200 p.m. * 12 months = 14,400
For Driver: Rs. 600 p.m. * 12 months = 7,200
These are the sum total of all the exemptions allowable for Salaried Employees. However there are many Deductions, Tax Benefits & Tax Breaks under
various sections, which are permissible for computation of Income Tax. This will be dealt in a separate article.
LTA Exemption
LTA is exempt to the tune of ecomony class airfare for the family to any destination in India, by the shortest route. For Assessment Year 2010 – 2011 the
applicable Block is Year 2006 – 2009. LTA can be claimed twice in a block of 4 calendar years. The Next block is from Jan 2010 to Dec 2013.
 Income Tax Deductions section 80C
Each year most of the people eagerly wait for the budget proposals to be announced for various reasons.
One of the significant reasons is to know what all instruments of investments and deductions / exemptions have been included in the Section 80C of Indian
Income Tax for employees, so that they can plan their tax savings according to the same, and maximize the benefits.

As income tax is major component of the salary, the changes / additions in 80C Section has major impact on the savings and expenses of salaried employees as they have a fixed
source of income. The 80C Section deductions are introduced to boost savings of employees on one side and save tax on the other side.
Actually, Section 80C replaced the earlier Section 88 which was available till 1st April 2006. The Deductions permitted in the 80 C Section of Indian Income Tax is more or less
the same investment mixes that were available in Section 88. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new
section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. Unlike Section 88, there are no sub-
limits and is irrespective of how much you earn and under which tax bracket you fall.
The most important aspect that needs to be kept in mind is that the total exemption limit under section 80c is Rs 1,00,000/- only. This benefit is available to everyone,
irrespective of his or her income levels. Thus, if you are in the highest tax bracket of 30%, and you invest the full Rs. 1,00,000/-, you save tax of Rs. 30,000.
We will now see in detail those deductions that are permissible under section 80C in this section. The following is section 80c deductions / exemption list.
Provident Fund (PF) deduction under section 80C
Any contributions to Provident Fund, Voluntary provident Fund (VPF) or savings made in Public Provident Fund (PPF Account) are eligible for income tax deduction under
section 80C of Indian Income Tax Act.
Life Insurance Premiums
Any Life Insurance premiums (for one or more insurance policies) paid by you for yourself, your spouse or your children is eligible under income tax deduction under section 80C
of Indian Income Tax Act.
ELSS Equity Linked Saving Schemes
Any investment made in certain Mutual Funds called equity linked saving schemes qualifies for section 80C deduction. Please note that not all mutual fund investments are eligible
for this deduction. Some examples of ELSS funds are – SBI Magnum Tax Gain, HDFC Tax Saver, HDFC Long term advantage, etc.
ULIP – Unit Linked Insurance Plan
Investments made in certain ULIPs of Unit Trust of India and LIC of India are eligible for 80C deduction.
Bank Fixed deposits or Term deposits of term greater than 5 years
According to a relatively new provision amount saved in fixed deposits of term at least five years is eligible for income tax deduction under section 80C of Indian Income Tax Act.
Principal part of EMI on Housing Loan deduction under section 80C
If you are paying EMI on a housing loan, you would be aware that the EMI (equated monthly installments) consists of two parts – principal part and interest part. The principal
part of the EMI on your housing loan is eligible for income tax deduction under section 80C. The interest part is also eligible for tax deduction, however not under section 80C but
section 24.
Tuition Fees deduction under section 80C
Amount paid as tuition fee for the education of two children of the employee / Tax Payer is eligible for deduction under section 80C of Indian Income Tax Act.
Other 80C deductions
Amount saved in National Saving Certificate (NSC), Infrastructure Bonds or Infra Bonds, amount paid as stamp duty and registration charges while buying a new home are
eligible for income tax deductions under section 80C of Indian Income Tax Act.

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A

Calculation of Income from Salary

1Total Salary and / or Pension as per Form 16

( Excluding all exempt/ non-exemptallowances, perquisites & profit in lieu of salary )

2Allowances Exempt under Section 10 ( Click for Exempt Incomes & Allowances under Section 10 )

( Will not be added to the Total Income from Salary chargeable to Income Tax )

3Add : Allowances not exempt ( Use Taxable HRA Amount Calculator ) 4Add : Value of Perquisites and / or Fringe Benefits ( Use Perquisite

Value Calculator ) 5Add : Profits in lieu of Salary Total Income from Salary chargeable to Income Tax (1-2+3+4+5)Calculate

Calculation of Income from House Property

1Annual Lettable Value or Rent Received or Receivable 2 (i)Taxable Amount of Rent 2 (ii)Taxes paid to Local Authorities ('0', If self

occupied) 3Taxable amount of Rent Received / Realized{70% of (1 - 2 - 3)] 4Interest payable on borrowed capital Income from

House Property chargeable to Income Tax (3 - 4)Calculate

C

Calculation of Income from Capital Gains (Short Term + Long Term)

1Income chargeable at Normal Rates 2Income Chargeable at Special Rates Total Income from Capital Gains (1 + 2)Calculate

Calculation of Income from Other Sources viz. Interest, Dividend etc.

1Income chargeable at Normal Rates 2Income Chargeable at Special Rates Total Income from Other SourcesCalculate Details
of Income Tax at Special Rate included in C and D above:

Agricultural Income for Rate Purpose only

Aggregate Income

Calculate
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Calculation of Deductions from Taxable Income

1Deductions under Sec. 80C, 80CCC & 80CCD. (Other than Infrastructure Bonds)

(Max. Rs. 1 lakh For details Click Here Infrastructure Bonds (Max. Rs. 20,000 in addition to Rs. 1 lac) Total Deduction eligible under Sec. 80C,

80CCC & 80CCD 2Deductions under Sec. 80D for Health Insurance. (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others). For details Click

Here 3Deductions under Sec. 80D for Health Insurance of parents. (Max. Rs. 20,000/- if parents are Senior Citizen, otherwise Rs. 15,000/-).

4Deductions under Sec. 80DD. Max. Rs. 1 lac. For details Click Here 5Deductions under Sec. 80DDB. Max. Rs. 40,000/-. For details Click Here

6Deductions under Sec. 80E. For details Click Here 7Deductions under Sec. 80G. For details Click Here 8Deductions under Sec. 80GG. For

details Click Here 9Deductions under Sec. 80U. For details Click Here 10Deductions under Sec. 80RRB. For details Click Here

11Any other eligible deduction 12Total Deductions from Taxable IncomeCalculate Total Taxable Income

TDS / Advance Tax Deposited, if any

I

Calculation of Taxable Income, Income Tax, Educational Cess, Total Tax Liability and Net Income
Nil

CalculateReset DescriptionIncomeIncome Tax Exempt Income Income chargeable at 10% Income chargeable at 20%

Income chargeable at 30% Income chargeable at Special Rates Total Less :

Income Tax on Agricultural Income included above Income Tax Payable Education Cess @ 3% of Income Tax Payable Total Tax liability

Less: TDS / Advance Tax deposited Net Income Tax due Income Net of Income Tax Liability To Calculate Advance Tax,
please Click Here To calculate interest under Section 234 A, B and C, please Click Here