Yesterday
The Finance Minister announced the Union Budget-2012 and he has
Increased the exemption Limit from Rs. 180000/- to Rs. 200000 for Male
& Female equally. He further extended 20% Slab from Rs. 500000 to
Rs. 10 Lakhs as well as 30% Slab applied for above Rs. 1000000 Income.
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.
Applicable Income Tax Slab For Assessment Year 2013-14
Normal Rates of tax
Where the total income does not exceed Rs. 2,00,000/-.
|
Nil
|
Where the total income exceeds Rs. 2,00,000 but does not
exceed Rs. 5,00,000/-
|
10 per cent of the amount by which the total income exceeds
Rs.2,00,000/-
|
Where the total income exceeds Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-.
|
Rs. 30,000/- plus 20 per cent of the amount by which the total
income exceeds Rs. 5,00,000/-.
|
Where the total income exceeds Rs. 10,00,000/-.
|
Rs. 130,000/- plus 30 per cent of the amount by which the
total income exceeds Rs. 10,00,000/-.
|
Rates of tax for a woman, resident in
India and below sixty years of age at any time during the financial year
Where the total
income does not exceed Rs.2,00,000/-.
|
Nil
|
Where the total
income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.
|
10 per cent, of the
amount by which the total income exceeds Rs. 2,00,000/-
|
Where the total
income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
|
Rs. 30,000/- plus 20
per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
|
Where the total
income exceeds Rs. 10,00,000/-.
|
Rs. 130,000/- plus 30
per cent of the amount by which the total income exceeds Rs. 10,00,000/-.
|
Rates of tax for an individual, resident in
India and of the age of sixty years or more but less than eighty years at
any time during the financial year:
Where the total
income does not exceed Rs. 2,50,000/-.
|
Nil
|
Where the total
income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.
|
10 per cent, of the
amount by which the total income exceeds Rs. 2,50,000/-
|
Where the total
income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
|
Rs. 25,000/- plus 20
per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
|
Where the total
income exceeds Rs. 10,00,000/-.
|
Rs. 125,000/- plus 30
per cent of the amount by which the total income exceeds Rs. 10,00,000/-.
|
In case of every individual being a resident in India, who
is of the age of eighty years or more at any time during the financial year
Where the total
income does not exceed Rs. 5,00,000/-
|
Nil
|
Where the total
income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
|
20 per cent of the
amount by which the total income exceeds Rs. 5,00,000/-
|
Where the total
income exceeds Rs.10,00,000/-
|
Rs. 1,00,000/- plus 30
per cent of the amount by which the total income exceeds Rs.10,00,000/-
|
