Budget 2011-12- Impact on Personal Taxation and Income Tax Calculator

Shreyans Mehta, Raigarh (shreyans_07@yahoo.com)

The Impact of Budget in Personal Taxation :- The Finance Minister in the Budget-2011 implemented some new benefits and also levied a new exemption limit where for Individuals Male Categories which increased to Rs 1.8 lakh from Rs 1.6 lakh  and for Senior citizen Tax slabs increased to Rs 2.5 lakh from Rs.2.4 lakh and has also reduced the  eligibility age for Senior citizens from 65 years to 60 year and further a New category for very senior citizens introduced for 80 years and above  who will be eligible for Tax limit  from Rs 5 lakhs but the Finance minister has not given neither brought in any change for the women assessee and they have no new tax exemption limit which remains unchanged to Rs.1.9 lakhs further a new revised income tax return form ‘Sugam’ has been introduced for small tax payers. Further the finance minister has brought in no change in Chapter-VIA Deductions. 

Please find the Excel Sheet for Tax Calculation.

Downloads

• income tax calculator for Financial Year 2011-12 or Assessment year 2012-13

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