Income Tax Calculations For Male Citizen :
Then: The pre-budget period witnessed that the basic exemption limit was Rs. 1, 60, 000, where the total income of the assesse was in between Rs. 1.6 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.
Now: After the Union Budget 2011-12, there has been some amendments with respect to the figures. The limit has been raised by Rs. 20, 000. The basic exemption limit is Rs. 1, 80, 000, where the total income of the assesse is in between Rs. 1.8 lakhs to Rs. 5 lakhs; tax levied on total income will be 10%, in case the total income falls in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied will be 20% and whereas the total income is above Rs. 8 lakhs, the applicable rate of taxation will be 30%.
Income Tax Calculations For Female Citizen :
Then: The pre-budget period witnessed the basic exemption limit for women to be at Rs. 1, 90, 000, where the total income of the assesse was in between Rs. 1.9 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.
Now: The post budget of such exemption limit remains unchanged and the same shall be applicable as per the Union Budget 2011-12. The reason behind such ignorance is the new direct tax code which is likely to prevail from 1st April, 2012, which aims at abolishing the gender distinction system in terms of payment of tax.
Income Tax Calculations For Senior Citizen :
Then: The pre-budget period witnessed the basic exemption limit for senior citizens to be at Rs. 2, 40, 000, where the total income of the assesse was in between Rs. 2.4 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.
Now: After the Union Budget 2011-12, there has been some amendments with respect to the figures. The limit has been raised by Rs. 10, 000. The basic exemption limit is Rs. 2, 50, 000, where the total income of the assesse is in between Rs. 2.4 lakhs to Rs. 5 lakhs; tax levied on total income will be 10%, in case the total income falls in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied will be 20% and whereas the total income is above Rs. 8 lakhs, the applicable rate of taxation will be 30%.
Income Tax Calculations For Very Senior Citizen :
A new concept of very senior citizens has been introduced where people who have attained the age of 80 or more will fall. For this category, the assesse will get an exemption up to Rs. 5, 00, 000, earlier as these people fell under the senior citizen category, there limit was also restricted to Rs. 2, 40, 000. The rest of the part shall be similar to the present position of senior citizens, that is, from Rs. 5, 00, 000 to Rs. 8, 00, 000, 20% of the income shall be taxable and incase the income exceeds Rs. 8, 00, 000, 30% of the total income shall be taxable.
