Income Tax Slabs for ay 12-13 / fy 11-12
The Income Tax Slab for ay 12-13 are not much different from tax slabs for ay 11-12.
In income Tax Slab for ay 12-13 / fy 11-12, basic tax exemption limits are same as in the old tax slabs but the Indian finance ministry has broadened the tax slabs for men and senior citizens. The threshold income tax exemption limit for men has been revised to Rs 1,80,000 than the previous limit of Rs 1,60,000. There will be a minimum saving of Rs 2000 in income tax than previous year.
A new income tax bracket for senior citizens has been introduced which are above eighty years of age. The tax exemption limit to senior citizens above 80 of age has been increased to Rs. five lakhs from the existing 2.4 lakhs. For senior citizens between 60 to 80 years the tax exemption limit has been revised to Rs 2,50,000 from Rs 2,40,000 thus an increase of Rs 10,000 only. The senior citizen age has also been reduced to 60 years from 64 years.
There is no change in tax structure for women.
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) 2011-12 and assessment year (AY) 2012-13 are mentioned below:
|
New Income tax slab for ay 12-13 |
||
| New 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% |
| New 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% |
| New 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
Income tax rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below:
|
Income tax slab for ay 11-12 |
||
| New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,40,000 | No tax / exempt |
| 2 | 2,40,001 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 11-12 for Resident Women (below 65 years) (FY 2010-11) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,00 | 20% |
| 4 | Above 8,00,000 | 30% |
| New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11) | ||
| 1 | Up to Rs 1,60,000 | No tax / exempt |
| 2 | 1,60,001 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 34000
- Taxable Income in 20% slab maximum tax will be Rs 34000 + Rs 60000 total Rs 94000
- Taxable Income in 30% slab minimum tax will be Rs 94000
Education and other cess will be in addition to this
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Can we avail Infrastucture Long term Bond for ay 2012-13. What is the increase done in this in the new budget?
You can avail infrastructure long term bond in the FY 2011-2012, AY 2012-2013 also, but the limit is the same Rs 20,000 as per previous year. There is no change in this
There is no change ih the limit
u/s 80CCF upper limit – 20000
There is no change under this section.They kept the same 20000 Rs as upper limit under section 80ccf.
New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)- Line item-2 (It’s 1,80,001 to 5,00,000)…Make changes for the same…
Pl.give me rates of education and other cess for Income Tax purpose A.Y. 2012-13
3% of Education Cess
which is the income tax slab on which the maximum marginal rate of income tax apply for th ay 2012-2013
If my Income is 2,50,000/- for the F.Y. 2011-2012 what kind of deductions is applicable or how much amount is taxable if any deduction is not applicable.
if you invest in lic or any other like mutual fund than the deduction is subject to maximum of rs 100000 is available for you.
One of the best form of investment u/s 80 c is to deduct voluntary provident fund from your salary which is EEE SCHEME.Exemption while deduction from the salary,Exemption on the interest accrued and even exemption while withdrawal of pf in case of leaving job is also exempted.
If your Taxable Income if Rs 2.5 Lakhs, then you need to Pay 10% of Rs70,000(2.5L-1.8L) which is Rs 7000 + Cess.
But if your Total Income is Rs 2.5 Lakhs and if you are able to show House Rent/Home loan, PF Deductions Or any other Insurance of Rs 70,000, there would be no Tax on your Income…
7000+cess
If I got dividend from Mutual Fund & Equity (Stocks) then should I have to pay Tax on Dividend. If yes then what amount of tax I have to pay?
Narendhar Reddy
· Reply
New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)- Line item-2 (It’s 1,80,001 to 5,00,000)…Make changes for the same…
pl clear the query
Hello,
In News there is no Tax on upto Annually 5 lakh. But there is no data, please clarify these things. Because my Company is deducted the Income tax my Annually Salary is 3 Lakh. Any One know Please help me.
You have interpreted the news wrong. Tax is there as applicable but you need not file ITR if your taxable income is below 5 Lakh rupees. Your employer will deduct tax as usual.
The tax should be deducted as per the income tax slab. Only thing is you need not file income tax returns if your annual salary comes below 5 lakhs and you dont have any amount to be claimed as refund with income tax authorities.But i would suggest you to file the returns as its very simple and doesnot have any complication which will ease you to get the loans with the bankers if you require.
no tax up to 500000 this only for senior citizen whose age above 80 years
You have interpreted the news wrong. Tax is there as applicable but you need not file ITR if your taxable income is below 5 Lakh rupees. Your employer will deduct tax as usual.
who are applicable for taking benifit of non filing ITR in case of 500000 rs ( plz give term & condition with any valied proof)
This exemption is available to Individual assessee only (He may be resident or not)
Exemption is available for Assessment year 2011-12 onwards
Total Income after deduction 80C to 80U of must be below Five Lakh Rupees only.
Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000 only
Pension is also covered under salary head.
Individual must have reported his pan to his employer.
Individual has Earned salary only from one employer during the financial year.
Individual has submitted his income from saving Bank Interest to his employer for TDS deduction purposes.
Employer has deducted the tax on his Full income, salary plus interest {if any},and tds has been deposited in Govt account by the employer.
No refund is Due to assesse.
Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.
If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2010-11.
whose age 80 year above
Mahi:I think this slab rate is not better for the Individuals. for sinior citizen, there income comes to end that time, so no benefit can get a individual.
thanks for providing information at one click only.I am a collage student and i like your website.
thanks a lot..
The income tax rebate under section 80C, which is Rs.100000 should be increased. This amount is remaining constant since many years. My request is to increase this amount more.
Govinda, Bolangir, Orissa, India.
Please give me rates of education and (H.E) for Income Tax purpose A.Y. 2012-13.
i have two houses, both on house loan, amounting to 1.4 lakh total, one is vacant, the other is renrted out, what is the tax calculation
which have higher income is treated as self occupied house and get interest deduction rs.up to 30000 on it.
house who have lower income cal. annual value and get deduction of interest.
Hi,
I have closed my previous employer PF account and got money in the month of March 2011. But the thing is thar i have not completed 5 years with the previous employer. Then in this case, is this PF amount will be added to my taxable amount.
IF I don’t show my PF amount as taxable amount what will happen.
Thanks
Viswanath
It is the duty of your previous employer to comply with the tds provisions and they should have asked your last 3 years it return copy along with the pf withdrawal form based on the retuns they will calculate the taxable income and deduct the tds from the pf withdrawn,remit the tds amount to the department and furnish the returns.
I have closed my previous employer PF account and got money in the month of March 2011. But the thing is thar i have not completed 5 years with the previous employer. Then in this case, is this PF amount will be added to my taxable amount.
IF I don’t show my PF amount as taxable amount what will happen.
Thanks your
Is there any safe investment scheme where we get any sum of amount as income monthly??? i want any schemes where we invest once or twice and get regular monthly income??? plz suggest
LIC Pension Scheme
If an employee leaves an organisation within 5 years then during withdrawal of the pf amount employee has to submit last 3 assessment years it returns along with pf form based on the returns the amount taxable will be calculated and will be added to the employee income.
Kamesh
what is the education cess for ay 2012-13??
its used for eduction purpose for poor
What is the current maximum marginal rate for assessment year 2011-12?
I have availed LTC in May,2010 in the extended block year of 2006-2009.Can I claim exemption on the expenditure in the shortest route under section 10(5) during assessment year 2012-13?
pl. indicate tax slabs for SR< citizens proposed in current budget dt, 16-3-2012
see this link for that http://www.finance.pushpi.com/income-tax-slab-for-fy-2012-13.htm