Income Tax Slab /Rate for FY 2012-13

15
SHARES

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%

 

Calculate your Income Tax!

Below is the impact in terms of tax saving for General (Men & Women below age of 60 Years) tax payers.

Income tax 2012-13 for man and woman

Also the impact in terms of tax saving for Senior and Very Senior Citizen tax payers.

Income tax 2012-13 for senior citizens

The other details of budget 2012 would follow soon!

15
SHARES
Take Charge of Your Investments!

Make the Right Investment Choices ...

2 thoughts on “Income Tax Slab /Rate for FY 2012-13

  1. […] 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 […]

  2. […] 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 […]

Leave a Reply