Looking for the Income Tax Slabs for FY 2011-12 or Assessment year 2012-13? This article might help you find out the same.
Indian Income Tax System follows Income Tax slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for.
In India, the income tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of income tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year. The Income Tax Slabs can be categorised into four slabs,
Surcharge (EC) and secondary and higher secondary education cess (SHEC) are also charged over and above the tax.
Below given are the table for different tax slabs and rates for FY 2011-12 and AY 2012-13
Income tax rates/slabs for
No. | Income Slab | Income Tax rate |
1. | Where the total income does not exceed Rs. 1,80,000/-. | Nil |
2. | Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/- | 10 percent of the amount by which the total income exceeds Rs. 1,80,000/- |
3. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. | Rs. 32,000/- plus 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-. |
4. | Where the total income exceeds Rs. 8,00,000/-. | Rs. 92,000/- plus 30 percent of the amount by which the total income exceeds Rs. 8,00,000/-. |
No. | Income Slab | Income Tax rate |
1. | Where the total income does not exceed Rs. 1,90,000/-. | Nil |
2. | Where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000/-. | 10 per cent, of the amount by which the total income exceeds Rs. 1,90,000/- |
3. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. | Rs. 31,000/- plus 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-. |
4. | Where the total income exceeds Rs. 8,00,000/-. | Rs. 91,000/- plus 30 percent of the amount by which the total income exceeds Rs. 8,00,000/-. |
No. | Income Slab | Income Tax rate |
1. | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
2. | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent, of the amount by which the total income exceeds Rs. 2,50,000/- |
3. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. | Rs. 25,000/- plus 20 percent of the amount by which the total income exceeds Rs. 5,00,000/-. |
4. | Where the total income exceeds Rs. 8,00,000/-. | Rs. 85,000/- plus 30 percent of the amount by which the total income exceeds Rs. 8,00,000/-. |
No. | Income Slab | Income Tax rate |
1. | Where the total income does not exceed Rs. 5,00,000/- | Nil |
2. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/- | 20 percent of the amount by which the total income exceeds Rs. 5,00,000/- |
3. | Where the total income exceeds Rs. 8,00,000/- | Rs. 60,000/- plus 30 percent of the amount by which the total income exceeds Rs. 8,00,000/- |
Suggested read: Income tax Slab for the FY year 2022-23 and AS 2023-24
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