Individuals below 60 years | IT Rate |
---|---|
Up to Rs.2,00,000 | Nil |
Rs.2,00,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.10,00,000 | 20% |
Rs.10,00,001 upwards | 30% |
Sr. Citizen (60-79 yrs) | IT Rate |
Up to Rs.2,50,000 | Nil |
Rs.2,50,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.10,00,000 | 20% |
Rs.10,00,001 upwards | 30% |
Very Sr. Citizen (80 yrs & above) | IT Rate |
Up to Rs.5,00,000 | Nil |
Rs.5,00,001 – Rs.10,00,000 | 20% |
Rs.10,00,001 upwards | 30% |
Some of the retirement benefits are fully or partially exempt from tax.
Pension
Gratuity
Leave Encashment
Voluntary Retirement Compensation
Payment from Provident Fund
Payment from Superannuation Fund
Income Tax 201-12 Slabs for different categories depending on Annual Income is given below
Men below 60 | IT Rate |
---|---|
Up to Rs.1,80,000 | Nil |
Rs.1,80,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
Women below 60 | IT Rate |
Up to Rs.1,90,000 | Nil |
Rs.1,90,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
Sr. Citizen (60-79 yrs) | IT Rate |
Up to Rs.2,50,000 | Nil |
Rs.2,50,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
Very Sr. Citizen (80 yrs & above) | IT Rate |
Up to Rs.5,00,000 | Nil |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
A deduction of an additional amount of Rs.20,000 for investment in long term infrastructure bonds as notified by the Central Government. This would be over and above the existing limit of Rs.1 lakh on tax savings under 80C.
See also:
Income Tax 2010-11 Slabs
Annual Income | IT Rate |
---|---|
Up to Rs.1,60,000 Up to Rs.1,90,000 (for women) Up to Rs.2,40,000 (for resident individual of 65 years or above) |
Nil |
Rs.1,60,001 – Rs.5,00,000 | 10% |
Rs.5,00,001 – Rs.8,00,000 | 20% |
Rs.8,00,001 upwards | 30% |
A deduction of an additional amount of Rs.20,000 for investment in long term infrastructure bonds as notified by the Central Government. This would be over and above the existing limit of Rs.1 lakh on tax savings under 80C.
Schemes eligible for Section 80C benefits
PPF
ELSS - Mutual Funds
NSC
KVP
Life Insurance
Senior Citizen Saving Scheme 2004
Post Office Time Deposit Account
You can claim deduction u/s 80DD if:
Note: Only specific schemes meant for this purposewill qualify for second condition. The policy has to insure your life and the policy has to pay an annuity (a fixed amount every year) or a lump sum amount for the benefit of the disabled dependent.
What is considered as disability?
Disability would be as defined by the “Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995”.
It includes the following:
Blindness
Low vision
Leprosy-cured
Hearing impairment
Locomotor disability
Mental retardation
Mental illness
A person with disability means a person suffering from not less than 40% of any of the above disabilities.
Severe disability means 80% or more of one or more of the above disabilities.
Who is qualified to claim this deduction?
Any individual or a Hindu Undivided Family (HUF) can claim this deduction.
Please note that the individual or HUF has to be a resident of India – a non-resident Indian (NRI) can not claim deduction u/s 80DD.
Who can be your disabled dependent?
For individuals, your spouse, son / daughter (any child), parents and brother / sister (siblings) can be your handicapped dependents.
For HUFs, any member of the HUF can be a disabled dependent.
The disabled person should be wholly or mainly dependent on you for his / her support and maintenance, and should not have claimed deduction under section 80U.
Least of the following is exempted from HRA Received
1)HRA received
2) House rent paid minus 10 % of salary(salary means basic plus dp plus da if term of employment so provides)
- 50% of salary(same meaning as above)in case of rented house situated in Bombay,Madras,Delhi or calcutta
-40 % of salary ,if rented house is situated in any other places
• Daily Allowance (know as DA or Daily Allowance in TA bill to meet the ordinary daily charges on account of absence from his normal place of duty) : Exempted to the extent allowance used for the said purpose
Links:
[1] http://indianrailwayemployee.com/content/general-budget-2011-12-highlights
[2] http://indianrailwayemployee.com/content/budget-features-employees