Updated Income Tax Slab for Assessment Year 2012-13 (Fin. Yr. 2011-12) & F.Y. 2011-12

Friends, the personal Income Tax Rates for Assessment year 2012-13 for Individuals, HUFs, Association of Persons (AOP) of Body of indivuals (BOI).

Income Tax Rates/Slabs for Assessment Year 2012-13 (Fin.Yr.: 2011-12)

Income Tax Rates/Slabs

Rate (%)

Upto 1,80,000
Upto 1,90,000 (for women)
Upto 2,50,000 (senior citizens)

NIL

1,80,001 – 5,00,000

10

5,00,001 – 8,00,000

20

8,00,001 and above

30

Tax amendments for the FY 2011-12 are mentioned below :

  • Increase in base income tax slab of men and senior citizens.
  • Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds.
  • A set of New Direct Tax Codes have been proposed, which will be active from Financial Year 2011.
  • Senior citizen age reduced from 64 years to 60 years.
  • People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.

Income Tax Rates/Slabs for Assessment Year 2011-12 (Fin.Yr.: 2010-11)

Income Tax Rates/Slabs

Rate (%)

Up to 1,60,000
Up to 1,90,000 (for women)
Up to 2,40,000 (for resident individual of 65 years or above)

NIL

1,60,001 – 5,00,000

10

5,00,001 – 8,00,000

20

8,00,001 upwards

30

Few amendments made to the taxation system for the FY 2010-11:

  • From now onwards there will be only 2 pages in the IT filing form for individuals.
  • More cases can now be appealed against.
  • Rs. 20,000 tax exemption will be provided for investments in certain investment bonds. This is in addition to the already allowed exemption (Rs. 1,00,000) in certain savings instruments.
  • Tax Exemption will be given for contribution to the Central Government Health Scheme (CGHS).
  • New fields have been added to the e-TDS/TCS form. These new fields are Ministry name; PAO / DDO code; PAO / DDO registration no.; State name; and Name of the utility used for return preparation.

Calculate Your Income Tax For Asstt. Year 2012-13 Click Here

How to Take relief from Income Tax for Assessment Year 2012-13
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