Friday, March 16, 2012

New Income tax Slabs - New income tax slab for 2012-13.

 At the end of every Financial Year, each and every one who paid tax i.e. Tax Payee Persons calculating the income and tax liabilitytheir on, in each year. Tax Payee have project to invest money in right funds, they see annual budget passed by Cabinet Govt. and declaredIncome Tax Slab by Finance Minister. The government about relief for the common man by widening this tax slab from the previous years. Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year. 

Income Tax Slab

With the upward revision of the tax slabs, there would now be more savings for the consumers. Basic tax exemptions limits have been retained; however, the brackets have been broadened. Below are the income tax slabs and rates applicable for the current financial year 2011-12 and assessment year 2012-13.

Taxable Income
Tax Rate
Up to Rs. 180000 (Men)
Up to Rs. 190000 (Women)
Up to Rs. 250000 (Sr. Citizen age - 65 yrs.)
From Rs. 180000 to 500000 (Men)                                                    From Rs. 190000 to 500000 (Women)                                                  From Rs. 250000 to 500000 (Sr. Citizen age - 65 yrs.)
From Rs. 500000 to 800000 (Men)
From Rs. 500000 to 800000 (Women)
From Rs. 500000 to 800000 (Sr. Citizen age - 65 yrs.)
Above Rs. 800000 (Men)
Above Rs. 800000 (Women)
Above Rs. 800000 (Sr. Citizen age - 65 yrs.)
* Increase in base income tax slab of men and senior citizens.                                    * Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds.
* Senior citizen age reduced from 64 years to 60 years.                                                        * People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.

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