In the Annual budget presented by Pranab Mukharjee in the month of March 2012, little relaxation has given to the income tax slabs on their income earned for the financial year (FY) 2012-13. Below are the brief details of the same.
India Income tax slabs 2012-2013 for General tax payers
This is disappointmnet news for the large group of individual tax payers for small rise in basic limit of tax exemption from 1,80,000 to 2,00,000. Where as the expectation was at around basic exemption limit upto Rs. 3,00,000. There is no change in the 10% slab rate, rather than adjusting Rs. 20,000 towards basic exemption limit. But the tax payers in the upper slab rates get further relaxation from Rs. 8,00,000 to Rs. 10,00,000.
- Upto Rs. 2,00,00 There will be no tax
- From Rs. 2,00,001 to Rs. 5,00,000 - 10% tax to be levied
- From Rs. 5,00,001 to Rs. 10,00,000 - 20% tax to be levied
- Above Rs. 10,00,000 30% tax to be levied
India Income tax slabs 2012-2013 for Female tax payers
Tax exemption rate has increased from Rs. 1,90,000 to Rs. 2,00,000 for individual woman. Except this little adjustment, there is no change in the 10% slab rate for woman tax payers. Upper limit in the 20% slab has moved from Rs. 8 lakh to Rs. 10 lakhs.
- Upto Rs. 2,00,000 There will be no tax
- From Rs. 2,00,001 to Rs. 5,00,000 - 10% tax to be levied
- From Rs. 5,00,001 to Rs. 10,00,000 - 20% tax to be levied
- Above Rs. 10,00,000 30% tax to be levied
India Income tax slabs 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)
Senior citizen, indian residents, didn't get any consideration in the pranab's budget in the case of basic exemption limit, which kept unchanged. Even 10% slab rate also not observed any change. But the 20% slab upper limit has increased from 8 lakh to 10 lakh like all other tax payers.
- Upto Rs. 2,50,000 There will be no tax
- From Rs. 2,50,001 to Rs. 5,00,000 - 10% tax to be levied
- From Rs. 5,00,001 to Rs. 10,00,000 - 20% tax to be levied
- Above Rs. 10,00,000 - 30% tax to be levied
India Income tax slabs 2012-2013 for very senior citizens (Aged 80 and above)
Indian residents, Very senior citizens also didn't any considerable changes in their tax slabs in this budget. Basic exemption limit was untouched. Along with all the tax payers, very senior citizens also got the 20% slab changed to 10 lakh.
- Upto Rs. 5,00,000 There will be no tax
- From Rs. 5,00,001 to Rs. 10,00,000 - 20% tax to be levied
- Above Rs. 10,00,000 - 30% tax to be levied
Upon all the tax slabs given above in brief, there will be no further surcharge applicable. But 3% cess will be charged on above tax.
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