In this annual budget of 2012, the Finance Minister has changed the income tax slabs for the fianacial year 2012-13. In this new income tax slabs the exemption limit has raised by Rs. 20000 TO 2 Lakh rupees. In this budget the difference between men and women income tax exemption has been removed. Now both genders have the same exemption limit of Rs. 2 lakh.
The senior citizen exemption has been remained same of Rs.2.5 lakhs.The 10% income tax rate is between 2-5 lakhs whereas 20% income tax rate is between 5-10 lakhs which was 5-8 lakhs income bracket previously. The other points of the new income tax slab are as under.
- Interest earned on saving account upto 10000 rupees is exempted.
- Rajiv Gandhi Retail Equity Scheme has been launched by the government in which a new deduction of Rs. 50000 is allowed.
- Corporate tax rates are unchanged.
New income tax slabs are as under
Men & Women
Exemption limit 200000
10% tax above 200000
20% tax 30000+ 20% of the income exceeds 500000.
30% tax 130000+ 30% of the income exceeds 1000000.
Senior citizen who is resident of India has the age of 60 years or above
Exemption limit 250000
10% tax above 250000
20% tax 25000+20% of the income exceeds 500000.
30% tax 125000+30% of the income exceeds 1000000.
Senior citizen who is resident of India has the age of 80 years or above
Exemption limit 500000.
20% tax any income above 500000.
30% tax 100000+30% of the income above 1000000.
Tags-income tax slabs,new income tax slabs,income tax slabs for fy 2012-13,income tax slabs for ay 2013-14,income tax slabs in budget.