Income tax slab for fy 2012-13
The Income Tax Slab for fy 2012-13 / ay 2013-14 are slightly different from Income tax slab for fy 11-12.
In income Tax Slab for ay 13-14 / fy 12-13, basic tax exemption limits are revised and the Indian finance ministry has also broadened the tax slabs for men and senior citizens. The threshold income tax exemption limit for men has been revised to Rs 2,00,000 than the previous limit of Rs 1,80,000.There will be a minimum saving of Rs 2000 in income tax than previous year.
The 20% slab has been widened and its limit has been raised from 8 lakhs to 10 lakhs. So there will be an additional saving of Rs 22000 in tax if your taxable income is Rs 10,00,000 as compared to previous year.
30% tax slab will now start from Rs 10,00,001
The Budget also exempt up to Rs 10,000 of interest income from tax.
There is no change in tax structure for women and senior citizens
In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:
|
New Income tax slab for fy 2012-13 / ay 2013-14 |
||
| New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 10,00,000 | 20% |
| 3 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
For normal category the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 30000
- Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000
- Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000
Education and other cess will be in addition to this
Income tax rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:
|
Old Income tax slab for fy 2011-12 / ay 12-13 |
||
|
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12) |
||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 8,00,000 | 20% |
| 3 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12) | ||
| 1 | Up to Rs 1,80,000 | No tax / exempt |
| 2 | 1,80,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
For normal category the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 32000
- Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
- Taxable Income in 30% slab minimum tax will be Rs 92000
Education and other cess will be in addition to this
Author:
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(1) What is the (financial maximum) income tax exemption limit in Rs for leave encashment for 300 earned leave at his credit on regular retirement of government employee ?
(2) whether loan taken for childran education is eligible for income tax deduction ? whether 100 % as housing loan/ mediclaim ? what is the maximum limit?
Dear Sir,
I have purchased a flat with Home Loan & paid Rs. 1 lac stamp duty & Reg.chgs at sub registrar office for house property transfer, Can I get exemption in Income Tax FY 11-12 & AY 12-13.
Thanks & Regards
Nagesh
you will get exemption on the principle and interest portion of the housing loan paid in that financial year.
Hi,
I want one clarification for Fixed Deposit in the bank. If the fixed deposit for 5 years is in the name of two persons then is it possible that one person who is the second holder is eligible to claim for tax exemption. If the first holder is not claiming the fixed deposit for the tax exemption.
Thanks,
Nagaraj
Hi,
I want one clarification for Fixed Deposit in the bank. If the fixed deposit for 5 years is in the name of two persons then is it possible that one person who is the second holder is eligible to claim for tax exemption. If the first holder is not claiming the fixed deposit for the tax exemption.
Thanks,
Situ
i am a retired person. total income of pension with int on deposites come approximately up to rs 486ooo.how. I had invested rs100000. in deposit for tax benifit. and 16000 is medi. cliame policy.thus total income rs 486000less total deduction rs 116000. that comes to rs 370000.and 250000also less.and it comes to rs 120000. and tax will be rs 12000. please tell me is it correct approximately?
yors sin.
a j padhya.
yes it is correct
Respected Sir,
Is it necessary to file Income Tax Return for a individual whose income is below
Rs.5,00,000/-?
If you have taxable income, you need to pay tax and file income tax return. Rs 5,00,000 is no benchmark, only criteria is taxable income
hi sir, i am working in saudi , since november 2012, before that i was working in india, mumbai, with a public sector.
from april-2012 to nov my total income was around 3.5 lacs,
but now its increased and in 4 months –nov-12 to feb-2013 its more than 4 lacs, and i have transferred that money in india from saudi , so i want to ask that will tax be deducted. i dont have opened NRI a/c till now , but it will be done in may (after completing 6 months)
if tax will be deducted then how to rebate.
i have made a FD in icici bank of around 1.5 lacs
o please help me in saving the tax..
i am aged 32 Yrs. getting 7,00,000 per annul. after deduction of HRA, savings & standard 2 lacks. my income is 2,44,000/- how much i need to pay tax.i need to pay 24,400 right