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CHIRAG DEEPAK GANATRA (CA FINAL) (1054 Points)

07 January 2011

Plz Provide Me Taxable Slab Rate Of A.Y. 2011-12,

& Also Give List Of Deduction u/s 80C which are deductable

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Income Tax Rates / Slabs

for Assessment Year 2011-12 (F Y 2010-11)

A. Individuals and HUFs

In case of individual (other than II and III below) and HUF:-

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed 1,60,000/-.	NIL
ii.	Where the total income exceeds 1,60,000/- but does not exceed 5,00,000/-.	10% of amount by which the total income exceeds1,60,000/-
iii.	Where the total income exceeds 5,00,000/- but does not exceed 8,00,000/-.	Rs. 34,000/- + 20% of the amount by which the total income exceeds 5,00,000/-.
iv.	Where the total income exceeds 8,00,000/-.	Rs. 94,000/- + 30% of the amount by which the total income exceeds 8,00,000/-.

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed 1,90,000/-.	NIL
ii.	Where total income exceeds 1,90,000/- but does not exceed 5,00,000/-.	10% of the amount by which the total income exceeds 1,90,000/-.
iii.	Where the total income exceeds 5,00,000/- but does not exceed 8,00,000/-.	Rs. 31,000- + 20% of the amount by which the total income exceeds 5,00,000/-.
iv.	Where the total income exceeds 8,00,000/-	Rs.91,000/- + 30% of the amount by which the total income exceeds 8,00,000/-.

III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed 2,40,000/-.	NIL
ii.	Where the total income exceeds 2,40,000/- but does not exceed 5,00,000/-	10% of the amount by which the total income exceeds 2,40,000/-.
iii.	Where the total income exceeds 5,00,000/- but does not exceed 8,00,000/-	Rs.26,000/- + 20% of the amount by which the total income exceeds 5,00,000/-.
iv.	Where the total income exceeds 8,00,000/-	Rs.86,000/- + 30% of the amount by which the total income exceeds 8,00,000/-.

Education Cess: 3% of the Income-tax.

B. Association of Persons (AOP) and Body of Individuals (BOI)

i. Income-tax:

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed 1,60,000/-.	NIL
ii.	Where the total income exceeds 1,60,000/- but does not exceed 5,00,000/-.	10% of amount by which the total income exceeds1,60,000/-
iii.	Where the total income exceeds 5,00,000/- but does not exceed 8,00,000/-.	Rs. 34,000/- + 20% of the amount by which the total income exceeds 5,00,000/-.
iv.	Where the total income exceeds 8,00,000/-.	Rs. 94,000/- + 30% of the amount by which the total income exceeds 8,00,000/-.

ii. Education Cess: 3% of the Income-tax.

C. Co-operative Society

i. Income-tax:

	Income Level / Slabs	Income Tax Rate
i.	Where the total income does not exceed 10,000/-.	10% of the income.
ii.	Where the total income exceeds 10,000/- but does not exceed 20,000/-.	Rs. 1,000/- + 20% of income in excess of10,000/-.
iii.	Where the total income exceeds 20,000/-	Rs. 3.000/- + 30% of the amount by which total income exceeds 20,000/-.

ii. Surcharge: Nil

iii. Education Cess: 3% of the Income-tax.

D. Firm

i. Income-tax: 30% of total income.

ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 7.5% of such income tax, provided that the total income exceeds1 crore.

iii. Education Cess: 3% of the total of Income-tax and Surcharge.

E. Local Authority

i. Income-tax: 30% of total income.

ii. Surcharge: Nil

iii. Education Cess: 3% of Income-tax.

F. Domestic Company

i. Income-tax: 30% of total income.

iii. Education Cess: 3% of the total of Income-tax and Surcharge.

G. Company other than a Domestic Company

i. Income-tax:

@ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concernafter the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement madeby it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the CentralGovernment;
@ 40% of the balance

ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 2.5% of such income tax, provided that the total income exceeds1 crore.

iii. Education Cess: 3% of the total of Income-tax and Surcharge.

Source

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(Guest)

Section 80C:

This section has been introduced by the Finance Act 2005. Broadly speaking, this section provides deduction from total income in respect of various investments/ expenditures/payments in respect of which tax rebate u/s 88 was earlier available. The total deduction under this section (alongwith section 80CCC and 80CCD) is limited to1 lakh only. An additional deduction upto a maximum of20,000/- will be available from Assessment Year 2011-12 (FY 2010-11) for investment in Infrastructure Bonds. The following investment/payments are eligible for deduction u/s 80C.

Life Insurance Premium For individual, policy must be in self or spouse’s or any child’s name. For HUF, it may be on life of any member of HUF.
Sum paid under contract for deferred annuity For individual, on life of self, spouse or any child .
Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
Contribution made under Employee’s Provident Fund Scheme.
Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
Contribution by employee to a Recognised Provident Fund.
Sum deposited in 10 year/15 year account of Post Office Saving Bank
Subscripttttion to any notified securities/notified deposits scheme. e.g. NSS
Subscripttttion to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
Contribution to Unit Linked Insurance Plan of LIC Mutual Fund e.g. Dhanrakhsa 1989
Contribution to notified deposit scheme/Pension fund set up by the National Housing Scheme.
Certain payment made by way of instalment or part payment of loan taken for purchase/construction of residential house property.

Condition has been laid that in case the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year.
Contribution to notified annuity Plan of LIC(e.g. Jeevan Dhara) or Units of UTI/notified Mutual Fund. If in respect of such contribution, deduction u/s 80CCC has been availed of rebate u/s 88 would not be allowable.
Subscripttttion to units of a Mutual Fund notified u/s 10(23D).
Subscripttttion to deposit scheme of a public sector, company engaged in providing housing finance.
Subscripttttion to equity shares/ debentures forming part of any approved eligible issue of capital made by a public company or public financial institutions.
Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children

Source

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Harpreet (* * * * * *) (1670 Points)
Replied 07 January 2011

Great frnd. ...... good contribution towards CCI and for their members..

@ CA. $ahar$h @ (Student) (338 Points)
Replied 07 January 2011

Hey everyone,

I would also like to add that since we all (atleast all lolzzzzz) are going through article ship and have Income tax act in office so if any time we feel like knowing about these things its great to refer it.For all those who dont know few things about it here is some information that could be useful

The income tax act contains finance act.In the taxmann publications it is at the end of the book.there you can find all these slab rates. further its great that we get help from our cci family but guys try to read Act.coz it is of great help.Once I solved a querry through CCI and when client asked me from where you learnt about it.I was numb as I cant mention CCI.Later I showed him the act and then he got satisfied.So everytime we get an answer from CCI do refer the relevant section in the act.

So for being lecturistic :)

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