What is the rate of tax of male individual for the assessment year 2011 12?
Income Tax Rate for FY 2011-12 or AY 2012-13
|Tax rate||Men||Very senior Citizen (Age above 80)|
|10%||180001 to 500000||–|
|20%||500001 to 800000||500001 to 800000|
|30%||Above 800000||Above 800000|
What are the income tax brackets in India?
|Old tax regime (With deductions and exemptions)||Total income||New tax regime (without deductions and exemptions)|
|Nil||From Rs 2,50,001 to Rs 5 lakh||5%|
|20%||From Rs 5,00,001 to Rs 7.5 lakh||10%|
|20%||From Rs 7,50,001 to Rs 10 lakh||15%|
|30%||From Rs 10,00,001 to Rs 12.5 lakh||20%|
What is the highest tax bracket in India?
Income Tax Slabs & Rates 2020-2021
|Income Tax Slab||Tax rates as per new regime|
|₹10,00,001 – ₹12,50,000||₹75000 + 20% of total income exceeding ₹10,00,000|
|₹12,50,001 – ₹15,00,000||₹125000 + 25% of total income exceeding ₹12,50,000|
|Above ₹ 15,00,000||₹187500 + 30% of total income exceeding ₹15,00,000|
What is rebate 87A?
Section 87A was introduced in Finance Act 2003 which was changed from time to time. Presently an individual tax payer, who is resident of India for income tax purpose, is entitled to claim tax rebate up to Rs. 12,500 against his tax liability if your income does not exceed ₹5 lakh.
What is the new tax slab for 2020 2021?
New Income Tax Slab for FY 2020-21 & AY 2021-22
|Annual Income||New Tax Regime||Old Tax Regime|
|Rs.2.5 lakh – Rs.5 lakh||5%*||5%*|
|Rs.5 lakh – Rs.7.5 lakh||10%||20%|
|Rs.7.5 lakh – Rs.10 lakh||15%||20%|
|Rs.10 lakh – Rs.12.5 lakh||20%||30%|
What is the tax slab for 2020 21?
Income tax slab rate applicable for New Tax regime – FY 2020-21.
|Income Tax Slab||New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF)|
|Rs 7.5 lakhs – Rs 10.00 Lakhs||15%|
|Rs 10.00 lakhs – Rs. 12.50 Lakhs||20%|
|Rs. 12.5 lakhs- Rs. 15.00 Lakhs||25%|
|> Rs. 15 Lakhs||30%|
What was the highest tax rate in 1955?
The marginal tax rate is the top rate of income tax charged to individuals on their last dollar of earnings. So in 1955, for example, when the top marginal tax rate was 91 percent, that was the tax rate owed on a person’s income over $300,000.
Which is the tax rate applicable for 2011-12 in India?
Surcharge on individual, every HUF/AOP/BOI/artificial judicial person abolished. A firm is taxable at the rate of 30% for the Assessment Year 2011-12. Education Cess: 3% of Income Tax + Surcharge ( if applicable). A domestic company is taxable at the rate of 30% for the Assessment Year 2011-12.
How are income tax brackets determined in India?
This rate is based on the estimated budget for the expenses that the government will have to bear for the following year. These slabs are tweaked by the government in the annual budget announcements. The taxpayers are required to pay the subsequent amount based on their respective income tax brackets.
Are there any tax surcharges in FY 2011-12?
There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13). Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.
How is the income tax paid in India?
Paying Income Tax is a duty of every Indian citizen. Under the Income Tax Act, 1961, the percentage of income payable as tax is based on the amount of income you’ve earned during a year. The tax applies to the Range of income, which is called Income Tax Slabs.