Budget 2011 income tax: How much will you save in tax during FY 2011-12, Tax exemption limit raised to Rs 1.80 Lakh.

Budget 2011 income tax: How much will you save in tax during FY 2011-12, Tax exemption limit raised to Rs 1.80 Lakh.

In some relief to general tax payers, Finance Minister Pranab Mukherjee today enhanced the tax exemption limit by Rs 20,000 to Rs 1.80 lakh, gave additional benefits to senior citizens but excluded women from additional sops.

While proposing to raise the income tax limit to Rs 1.80 lakh for general tax payers and Rs 2.5 lakh for senior citizens, the Minister in his budget proposals for 2011-12 has lowered the age for senior citizens to 60 years from 65 years now.

Besides, a new category of "very senior" citizens of 80 years and above has been introduced with no tax on their income upto Rs five lakh.

For general tax payers, the measure will result in "a uniform tax relief of Rs 2,000", Mukherjee said.

Senior citizens will get tax exemption for income up to Rs 2.5 lakh, higher from Rs 2.4 lakh now.

The general tax payers will have to pay 10 per cent tax on income between Rs 1.8 lakh and Rs 5 lakh; 20 per cent between Rs 5 lakh and Rs 8 lakh; and 30 per cent on income above Rs 8 lakh.

How much will you save in Tax during FY 2011-12? Here is a look:

Salary	Male
	Tax Last Year	Proposed Tax	Tax Savings
	<65>	<60>
300,000	2060	0	2060
400,000	12360	10300	2060
500,000	22660	20600	2060
600,000	32960	30900	2060
800,000	72100	70040	2060
1,000,000	121540	119480	2060
1,200,000	183340	181280	2060
1,500,000	276040	273980	2060
3,000,000	739540	737480	2060
5,000,000	1357540	1355480	2060
Salary	Female
	Last year	Proposed	Tax Savings
	<65>	<60>
400,000	9270	9270	0
500,000	19570	19570	0
600,000	29870	29870	0
800,000	69010	69010	0
1,000,000	118450	118450	0
1,200,000	180250	180250	0
1,500,000	272950	272950	0
3,000,000	736450	736450	0
5,000,000	1354450	1354450	0
Salary	Sr. Citizen
	Last year	Proposed	Tax Savings
	65+ years	60 to 79 years
400,000	4120	3090	1030
500,000	14420	13390	1030
600,000	24720	23690	1030
800,000	63860	62830	1030
1,000,000	113300	112270	1030
1,200,000	175100	174070	1030
1,500,000	267800	266770	1030
3,000,000	731300	730270	1030
5,000,000	1349300	1348270	1030
Salary	Very Sr. Citizen
	Last year	Proposed	Tax Savings
	65+ years	80+ years
400,000	4120	0	4120
500,000	14420	0	14420
600,000	24720	0	24720
800,000	63860	37080	26780
1,000,000	113300	86520	26780
1,200,000	175100	148320	26780
1,500,000	267800	241020	26780
3,000,000	731300	704520	26780
5,000,000	1349300	1322520	26780

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