Are you sure your numbers are correct. You will be in 30 percent bracket if you earn more than 5 lakh.
Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12)
Income Tax Rates/Slabs Rate (%)
Upto 1,80,000
Upto 1,90,000 (for women)
Upto 2,50,000 (senior citizens) NIL
1,80,001 5,00,000 10
5,00,001 8,00,000 20
8,00,001 and above 30
Tax amendments for the FY 2011-12 are mentioned below :
Increase in base income tax slab of men and senior citizens.
Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds.
A set of New Direct Tax Codes have been proposed, which will be active from Financial Year 2011.
Senior citizen age reduced from 64 years to 60 years.
People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.
Income Tax Rates/Slabs for Assesment Year 2011-12 (F Y 2010-11)
Income Tax Rates/Slabs Rate (%)
Up to 1,60,000
Up to 1,90,000 (for women)
Up to 2,40,000 (for resident individual of 65 years or above) NIL
1,60,001 5,00,000 10
5,00,001 8,00,000 20
8,00,001 upwards 30
Few amendments made to the taxation system for the FY 2010-11:
From now onwards there will be only 2 pages in the IT filing form for individuals.
More cases can now be appealed against.
Rs. 20,000 tax exemption will be provided for investments in certain investment bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments.
Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS).
New fields have been added to the e-TDS/TCS form. These new fields are Ministry name; PAO / DDO code; PAO / DDO registration no.; State name; and Name of the utility used for return preparation.
Source
Indian Income Tax,Income Tax Rates,Income Tax Slabs,Income Tax Rates Slabs
