The exemption limit for general category of tax payers has been enhanced to Rs 1.8 lakh from Rs 1.6 lakh in the 2011-12 general Budget. The measure will provide a uniform tax relief of Rs 2,000 to every tax payer of this category, besides moving closer to Direct Tax Code (DTC) rates.
INCOME TAX RATE
(General Tax Payers) 1. Up to Rs 1,80,000 NIL
Rs 1,80,001 to Rs 5,00,000 10 per cent
Rs 5,00,001 to Rs 8,00,000 20 per cent
Rs 8,00,000 and above 30 per cent 2 (For Women)
Up to Rs 1,90,000 NIL
Rs 1,90,001 to Rs 5,00,000 10 per cent
Rs 5,00,001 to Rs 8,00,000 20 per cent
Rs 8,00,000 and above 30 per cent 3 (For Senior Citizens of 60 years But less than 80 years)
Up to Rs 2,50,000 NIL
Rs 2,50,001 to Rs 5,00,000 10 per cent
Rs 5,00,001 to Rs 8,00,000 20 per cent
Rs 8,00,000 and above 30 per cent 4 (Very Senior Citizens of 80 Years and Above)
Up to Rs 5,00,000 NIL
Rs 5,00,001 to Rs 8,00,000 20 per cent
Rs 8,00,000 and above 30 per cent