CENTRAL GOVERNMENT EMPLOYEES - INCOME TAX
INCOME TAX RATES
ASSESSMENT YEAR 2011-2012
RELEVANT TO FINANCIAL YEAR 2010-2011
I. TAX RATES FOR INDIVIDUALS OTHER THAN II & III
| INCOME SLABS |
INCOME TAX RATES |
| Upto Rs.1,60,000
|
NIL |
|
Rs.1,60,000 to 5,00,000 |
10% of the amount exceeding Rs.1,60,000
|
| Rs.5,00,000 to 8,00,000 |
Rs.34,000 + 20% of the amount exceeding Rs.5,00,000 |
| Rs.8,00,000 & above |
Rs.94,000 + 30% of the amount exceeding Rs.8,00,000 |
II. TAX RATES FOR RESIDENT WOMEN BELOW 65 YEARS
| INCOME SLABS |
INCOME TAX RATES |
| Upto Rs.1,90,000 |
NIL |
|
Rs.1,90,000 to 5,00,000 |
10% of the amount exceeding Rs.1,90,000 |
| Rs.5,00,000 to 8,00,000 |
Rs.31,000 + 20% of the amount exceeding Rs.5,00,000 |
| Rs.8,00,000 & above |
Rs.91,000 + 30% of the amount exceeding Rs.8,00,000 |
III. TAX RATES FOR INDIVIDUAL RESIDENTS AGED 65 YRS AND ABOVE
| INCOME SLABS |
INCOME TAX RATES |
| Upto Rs.2,40,000 |
NIL |
|
Rs.2,40,000 to 5,00,000 |
10% of the amount exceeding Rs.2,40,000 |
| Rs.5,00,000 to 8,00,000 |
Rs.26,000 + 20% of the amount exceeding Rs.5,00,000 |
| Rs.8,00,000 & above |
Rs.86,000 + 30% of the amount exceeding Rs.8,00,000 |
EDUCATION CESS ON INCOME TAX
The amount of Income-tax shall be further increased by Education Cess of 3% on Income-tax.
PERMANENT ACCOUNT NUMBER (PAN)
Every assessee is required to obtain 10 alpha numeric Permanent Account Number (PAN) and quote the same in his returns, challans & correspondence. PAN can be obtained by applying in new Form No.49A at the designated Service Centres of UTITSL OR NSDL. PAN is essential for processing the Return of Income and for giving credit for taxes paid. If a person who is required to quote his Permanent Account Number fails to do so or intimates false number, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of Rs.10,000.
INCOME TAX PAYMENTS
Advance tax payments and Self-assessment tax payments have to be made in Challan No.280.