Old school Easter eggs.

INCOME TAX

CIRCULAR  NO :  05 /2011
F.No. 275/192/2011-IT(B)
Government of India  
Ministry of Finance  
Department of Revenue  
Central Board of Direct Taxes
              &n bsp;              &nbs p;          

SUBJECT:  
INCOME-TAX  DEDUCTION  FROM  SALARIES  DURING  THE  FINANCIA L  YEAR  2011-2012-UNDER  SECTION  192  OF  THE  INCOME-TAX ACT, 1961.               ;             
     

     Reference   is  invited   to    Circular   No.08/2010   dated   13.12.2010  whereby 
the rates of deduction  of  income-tax  from  the payment of income under the head
"Salaries" under  Section  192  of  the  Income-tax  Act,  1961(hereinafter  the Act ), 
during    the    financial    year    2010-2011, were  intimated.  The    present    Circular
contains  the  rates  of  deduction  of  income-tax  from    the    payment  of  income
chargeable under  the head "Salaries"   during   the   financial  year 2011-2012 and
explains  certain  related provisions of the Income-tax Act. The relevant Acts, Rules,
Forms and Notifications are available at the website of the Income Tax Department-

 2. FINANCE  ACT, 2011
               &n bsp;    
As  per    the  Finance  Act,  2011,  income-tax  is  required  to  be  deducted  under
Section 192 of the Income-tax Act 1961   from income chargeable under  the head 
"Salaries" for the  financial  year 2011-2012 (i.e.   Assessment  Year 2012-2013) at
the following rates:

          Normal Rates of Tax for 2011-12: 
1. Where the total income does not exceed Rs. 1,80,000/-. Nill
2. Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/-.             &nb sp;                ;        10 per cent of the  amount by which the  total income exceeds Rs. 1,80,000/- 
 3. Where the total income exceeds  Rs. 5,00,000/- but does not exceed   Rs. 8,00,000/-.             &nb sp;                ;               & nbsp;   Rs. 32,000/- plus 20   per cent of the amount  by which the total  income exceed Rs. 5,00,000/-.
 4.Where the total income exceeds  Rs. 8,00,000/-.   Rs. 92,000/- plus 30  per cent of the  amount by which the  total income exceeds Rs.8,00,000




           Rates of Tax for women:
1. Where the total income does not exceed Rs. 1,90,000/-. Nill
2. Where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000/-.             &nb sp;                ;        10 per cent of the  amount by which the  total income exceeds Rs. 1,80,000/- 
 3. Where the total income exceeds  Rs. 5,00,000/- but does not exceed   Rs. 8,00,000/-.             &nb sp;                ;               & nbsp;   Rs. 31,000/- plus 20   per cent of the amount  by which the total  income exceed Rs. 5,00,000/-.
 4.Where the total income exceeds  Rs. 8,00,000/-.   Rs. 91,000/- plus 30  per cent of the  amount by which the  total income exceeds Rs.8,00,000
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   USEFUL SOFTWARES IN INCOME TAX:

        USEFUL INFORMATION LINKS:
              INCOME TAX FORMS:

     More Info for Others:


    Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)
    Income tax slab (in Rs.)                 Tax  
    0 to 2,50,000No tax
    2,50,001 to 5,00,00010%
    5,00,001 to 8,00,00020%
    Above 8,00,00030%

    Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)

    Income tax slab (in Rs.)                 TAX 
    0 to 5,00,0000%
    5,00,001 to 8,00,00020%
    Above 8,00,00030%
      PAN INFORMATION