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BUDGET 2017-2018 Special

Latest Updates -
-The latest income tax slabs for 2017-2018 can be found here - Income tax slabs 2017-18.

-The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here
Free Income Tax calculator for calculating tax for 2017-18.

Union Budget 2011

Finance and income tax news relating to Union Budget 2011.

Sahaj and Sugam - Income tax forms introduced to simplify tax filing

Sahaj - for salaried people and Sugam - for small businessmen and professionals, are the two income tax returns filing forms introduced by the Income tax department aimed at simplifying income tax filing.

The forms are specially targeting the small businessmen and salaried persons and is another step in making tax filing more user friendly and simpler.

Government is also going ahead with the plans to exempt salaried income people earning below 5 lakhs from filing income tax returns. They only have to file their tax returns if they request any income tax refund.

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Budget 2011 highlights including tax slab changes

The Finance Minister Pranab Mukherjee presented the union budget today in Parliament. The main highlights of the budget.
  • Income Tax exemption limit for individuals raised from Rs. 1.6 lakh to Rs. 1.8 lakh. And Senior citizens base slab shifted to 2.5 lakh from existing 2.4 lakh. This provides an additional saving of Rs. 2,000 to every general tax payer. Detailed income tax slab is available here - Latest income tax slab
  • Senior citizen'd age for consideration of tax relief is reduced to 60 years from the current 65 years.

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Income tax slab 2011-2012

Note: The latest income tax slab details are available at - Latest income tax slabs Here is the latest income tax slab rates for Year 2011-2012. This tax table based on the latest income tax slab is a ready reference for calculating your income tax for year 2011-12. Quick highlights
  • Base slab for general tax payers increased to 1.8 lakh from original 1.6 lakh
  • Senior citizen age reduced to 60 years from last years 65 years. Senior citizen now include people between 60 and 80 years. Also increased the base slab for senior citizen to 2.5 lakh from previous years 2.4 lakh
  • A new category called "Very Senior citizen" added for people above 80 years.

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Union Budget 2011 - More challenges ahead for Finance minister

Maintaining growth while containing inflation and including populist measures to satisfy the voters during upcoming state Government elections in strategic states are some of the major challenges that Finance Minister Mr. Pranabh Mukherjee is facing ahead of the union budget 2011.

Inflation remains the utmost priority for the Minister as the nation is reeling under rising food price. There could be adjustments in the income tax slabs to give some relief to the middle income group.

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