New Income Tax Calculations : Pranab Mukherjee Union Budget 2011

New Income Tax Calculations : Pranab Mukherjee Union Budget 2011: Hi viewers/candidates/students here is latest information related with New Income Tax Calculations : Pranab Mukherjee Union Budget 2011. Pranab Mukherjee frequently known as Pranab’da today(2011-02-28) presented the Union Budget 2011 in the Lok Sabha. The budget seems to have succeeded in fighting all populist forces – be it fiscal housekeeping, a much-needed push to the reforms initiative or an aam-aadmi’s expectations on the front of tax relief.

Current Tax Slabs (FY 2010-11):

1. Income upto an annual sum of Rs.1,60,000 is tax free.
2. Income in the range of Rs.1,60,001 to Rs.5,00,000 is taxable at a rate of 10%
3. Income in the range of Rs.5,00,001 to Rs.8,00,000 is taxable at a rate of 20%
4. Income above Rs.8,00,001 is taxable at a rate of 30%

The Union Budget 2011 has been generous for the citizens of the age group from 60 years and above. The biggest beneficiaries are those aged 80 years or more.