New Income Tax Slab after Budget 2011


New Income Tax Slab after Budget 2011, Budget 2011 highlights.

Finance minister Pranab Mukherjee presented Union Budget 2011 in Parliament today (28th February 2011, Monday). He did not disappoint individual tax payers either and raised the threshold income tax limit to Rs. 1.8 lakh from the present Rs. 1.6 lakh. This now becomes uniform for both men and women.

New Income Tax Slab after Budget 2011


There is no change in tax slabs has been proposed. The tax exemption limit for general category has been raised from Rs 1, 60,000 to Rs 1, 80,000. This now becomes uniform for both men and women.

Eligibility age for senior citizens tax exemption to 60 years from 65. Mukherjee also announced that exemption for senior citizens would be Rs. 2.5 lakh from the present Rs. 2.4 lakh.

Online tax return will be making easy and less complicated. A new revised income tax return form 'Sugam' to be introduced for small tax papers.

Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source (TDS) will be excluded from filing returns. The decision, which will come into effect from June 1, 2011


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