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Indian Financial budget for 2012-13
Indian Financial Budget 2009-10
Courtesy: India Budget

Union Minister Pranab Mukherjee on 28/02/2011 presented the Budget for the fiscal 2011-12 in the Parliament.

Relyon brings you the best and informative parts from the budget towards taxation. The due care has been taken while presenting the content over here.

Click here: Budget 2010 | Budget 2009 | Budject 2009(I) | Budget 2008 | Budget Speeches

You can find these resources useful:

For More details visit www.indiabudget.nic.in

Tax Difference Utility

Know the difference in Effective Income tax payable by an individual for 2010-11 and 2011-12 FY

Free

Major Tax related updates:

  1. Direct Tax Code bill to be passed in 2011-12
  2. Tax rates - income limits extended for first slab for male and senior citizen:
    1. In case of Male
      1. Up to 1.8 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
    2. In case of Female
      1. Up to 1.9 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
    3. In case of Senior Citizens (Age reduced from 65 to 60 years)
      1. Up to 2.5 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
    4. NEW: In case of Higher Senior Citizens (Aged above 80 years)
      1. Up to 5 Lakhs => 0%
      2. Up to 8 Lakhs => 20%
      3. Above 8 Lakhs => 30%
  3. Companies => Surcharge rate reduced from 7.5 to 5%
  4. Minimum Alternate Tax rate changed from 18 to 18.5%
  5. Salaried (Only) class shall be exempted from ITR filing (Sec: 139 (1C))

Thats all the major coverage from the Union Budget presented by Minister of Finance in the parliment for the year 2011.

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