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Income tax slab for Financial Year 12-13 (AY 13-14)

Finance minister presented the  union budget  on 16th March 2012. In the budget income tax slab have been broadened.  Also the basic tax exemption limits are revised for men and senior citizens.

The revised  income tax slab and rates applicable for the Financial Year (FY) 2012-13 and Assessment Year (AY) 2013-14 are mentioned below:

A. Individuals (other than “B” and “C” below) and HUF’s :

Income Range (in Rs.) Tax Percentage
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

B.  Senior Citizen (Individuals Aged 60 years and above but less than 80 years) :

Income Range (in Rs.) Tax Percentage
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

 C.  Very Senior Citizen (Individuals Aged 80 years and above) :

Income Range (in Rs.) Tax Percentage
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Further the amount of Income Tax shall be increased by

a. Education Cess : 2% of the Income-Tax                            and

b. Secondary and Higher Education Cess : 1 % of the Income-Tax.

IncomeTax Calculator AY 13-14
IncomeTax Calculator AY 13-14
Tax Calculator AY 13-14 (FY 12-13).xls
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    samikshaverma

    February 15, 2013

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