The budget presented by finance minister for financial year 2011-12 has not made any major changes with respect to the income tax.
The only substantial change is the increase in standard deduction of Rs. 20000 (from 1,60,000 to 1,80,000) for males. There are no favors done for females and they would be getting the same amount of standard deduction i.e. 1,90,000.
The net effect of this rebate is the increase of Rs. 172 in male tax payer's monthly in-hand salary. For females, the take home pay remains same.
Here is a simple take home salary calculator that you can use to find your exact take home pay in financial year 2011-12. You need to select the financial year as 2011 in the calculator and fill up all the relevant fields to reach the in-hand salary amount.
If you would like to compare the 2010 in hand salary with the 2011, you can simply fill all values and select the financial year as 2010 initially and then change it to year 2011 to see the change.
Here is a simple calculation that i did. You can also try yours
here:
Take home pay in 2010-11
Take home pay in 2011-12 after budget for same salary structure:
