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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
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
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/-. | 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/-. | 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/-. | 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/-. | 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 |
| -- | -- |
USEFUL INFORMATION LINKS:- DOWNLOAD THE COMPLETE INCOME TAX ACT FOR 2011-12-click
- CALCULATE YOUR TAX BASING ON YOUR TAXABLE INCOME-click
- File Income Tax returns ONLINE
- Official Website of Income Tax Department
- Income Tax Returns -Explanation in Telugu by CVS Mani
INCOME TAX FORMS:- Form 16-Tax Deduction at Source on Salary
- SAHAJ - Individual Income Tax Return 2011-12-Form
- Certificate of prescribed authority for the purposes of section 80DDB
- Certificate of the medical authority for certifying person with disability, severe disability, autism, cerebral palsy and multiple disability for purposes of section 80DD and section 80U
- For All type of remaining Income tax returns forms- click here
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 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 10% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
Income tax slabs 2011-2012 for Very Senior citizen (Above 80 years)
| Income tax slab (in Rs.) | TAX |
|---|---|
| 0 to 5,00,000 | 0% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
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