NEW TAX RATES

This is just a information on the New Tax slabs effective from 1st April 2011 to 31st March 2012.Information and details on various tax saving schemes will follow.

Hike in exemption for males will reduce the tax liability by Rs 2060. No change for Females. For very senior citizens whose age should be 80 years or above have received a significant exemption limit to Rs 5,00,000 from Rs 2,40,000.Which has given almost 26000 in the hands of these wise old men. 

New Tax Slabs
Males	Tax Rate	Eligibility
	Nil	Till 1.8 Laks
	10%	1.8 Laks - 5 Laks
	20%	5 Laks - 8 Laks
	30%	8 Laks and above
Females	Tax Rate	Eligibility
	Nil	Till 1.9 Laks
	10%	1.9 Laks - 5 Laks
	20%	5 Laks - 8 Laks
	30%	8 Laks and above
Senior Citizens(60-80)	Tax Rate	Eligibility
	Nil	Till 2.5 Laks
	10%	2.5 Laks - 5 Laks
	20%	5 Laks - 8 Laks
	30%	8 Laks and above
Very Senior Citizens	Tax Rate	Eligibility
	Nil	Till 5 Laks
	20%	5 Laks - 8 Laks
	30%	8 Laks and above
Education cess of 3% will continue