India Budget 2011 Income Tax Slabs


India Budget 2011 Highlights

• Personal income tax slabs changed:

o Income upto Rs.1.8 lakhs – nil.

o Income between Rs. 1.8 lakhs and Rs. 5 lakhs – 10%.

o Income between Rs. 5 lakhs and Rs. 8 lakhs – 20%.

o Income above Rs. 8 lakhs – 30%.

o Incomes of senior citizens between 60 and 80 years of age, to be exempted upto Rs. 2.5 lakhs and for those above 80 years, exemption applicable upto Rs. 5 lakhs.• Fiscal deficit pegged at 4.6% of GDP for 2011-12.

• Fiscal deficit projected at 4.1% and 3.5% for 2012-13 and 2013-14, respectively.

• Revenue deficit for 2011-12 pegged at 3.4%.

• Revenue deficit for 2010-11 revised downwards to 3.4% from the budgeted estimate of 4.0%.

• Net market borrowings for 2011-12 is budgeted at Rs. 3,430 billion, 2.3% over 2010-11.

• Total expenditure for 2011-12 to increase by 3.4% over 2010-11.

• 1.4% fall in capital expenditure, while 4.1% increase in revenue expenditure over 2010-11.