Applicable Income Tax Slab For Financial Year 2012-13 and Assessment Year 2013-14 announced in Budget - 2012

Friends, Today the Finance Minister Mr. Pranab Mukharjee announced Budget-2012 in Parliamentary and declared the applicable Income Tax Slab for Assessment Year 2012-13 by other benefits status-co as at A. Y. 2011-12.  The Benefit under Chapter-VI-A limit is same i.e. 1,00,000 as well as Tax Saver Bond (Infrastructure Bond) benefits Max. Rs. 20000. 

Latest Income Tax Slabs For Fin. Year 2012-13 and Assessment Year 2013-14


INCOME TAX SLABS
ASSESSMENT YEAR 2012-13
Taxable Income
Tax Rate
Up to Rs. 200000 (Men)
NIL
Up to Rs. 200000 (Women)
NIL
Up to Rs. 250000 (Sr. Citizen age - 65 yrs.)
NIL
From Rs. 200000 to 500000 (Men)                                                   
From Rs. 200000 to 500000 (Women)                                                 
From Rs. 250000 to 500000 (Sr. Citizen age - 65 yrs.)
10%
From Rs. 500000 to 1000000 (Men)
20%
From Rs. 500000 to 1000000 (Women)
From Rs. 500000 to 1000000 (Sr. Citizen age - 65 yrs.)
Above Rs. 1000000 (Men)
30%
Above Rs. 1000000 (Women)
Above Rs. 1000000 (Sr. Citizen age - 65 yrs.)
* 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.
* 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.

For updated Income Tax Slab A.Y. 2012-13 Click Here