As per Union Budget-2012 announced by Finance Minister on 16th March, 2012, the latest income Tax has Increased the exemption Limit from Rs. 180000 to Rs. 200000 for Male & Female equally and 20% Tax Slab extended from Rs. 500000 to Rs. 10 Lakhs as well as further 30% Slab applied for the above Income of Rs. 1000000. No change in exemption limit for senior citizen and very senior citizen. After implementation of these limit and changes maximum benefit to female assessee less than 60 is 21630, male less than 60 will be 22660 and senior citizen and very senior citizen tax benefit will be 20600.
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