Income Tax is one thing which every salaried man on the street is interested in. The good news is the Income Tax slabs has been altered by the Finance Minister Pranab Mukarjee in Budget 2012 today. Now people would be able to save upto Rs. 22,600 in income tax depending on which tax slab they fall in. Another significant change in this budget was abolishing lower tax slab for women. Now both men and women would have same income tax slabs.
Below are the new income tax slabs for FY 2012-13:
| General (Both for Men and Women) Tax Slabs | |
| Income Tax Slab (in Rs.) | Tax |
| Upto Rs. 2 lakh | No Tax |
| Rs. 2 Lakhs to Rs. 5 Lakhs | 10% |
| Rs. 5 Lakhs to Rs. 10 Lakhs | 20% |
| Above Rs. 10 Lakhs | 30% |
| Senior Citizens (Aged 60 years but less than 80 years) | |
| Income Tax Slab (in Rs.) | Tax |
| Upto Rs. 2.5 Lakh | No Tax |
| Rs. 2.5 Lakhs to Rs. 5 Lakhs | 10% |
| Rs. 5 Lakhs to Rs. 10 Lakhs | 20% |
| Above Rs. 10 Lakhs | 30% |
| Very Senior Citizen (Above 80 years) | |
| Income Tax Slab (in Rs.) | Tax |
| Upto Rs. 5 Lakh | No Tax |
| Rs. 5 Lakhs to Rs. 10 Lakhs | 20% |
| Above Rs. 10 Lakhs | 30% |
Below is the impact in terms of tax saving for General (Men & Women below age of 60 Years) tax payers.
Also the impact in terms of tax saving for Senior and Very Senior Citizen tax payers.
The other details of budget 2012 would follow soon!
Income Tax Slab /Rate for FY 2012-13,
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[...] revision in income tax tax rates. The tax slab remains the same as of last year. Click here to view the Tax slabs for FY 2013-14 (same as FY [...]
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