Income Tax Slab Rates for AY 2012-2013

Income Tax Slab Rates for AY 2012-2013

Personal Income Tax Rates for the Financial Year 2011-2012 and Assessment Year 2012-2013

The Government of India has increased the basic personal income tax exemption limit from Rs. 160,000 to Rs. 180,000 for the Financial Year 2011-2012 and Assessment Year 2012-2013.

The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2011 to March 31, 2012.

 

The Indian Government also reduced the age eligibility criteria for senior citizenship from existing 65 years to 60 years. Also, a new category called ‘Very Senior Citizen’ has been added for the people above the age of 80 years.

Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2011-2012 (Assessment Year 2012-2013).

Income Tax Slabs for the Individual Male (Below 60 Years Age) for the Assessment Year 2012-2013

Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 180,000 No Income Tax
2. Rs. 180,001 to 500,000 10%
3. Rs. 500,001 to 800,000 20%
4. Rs. 800,001 and above 30%

Income Tax Slabs for the Individual Female (Below 60 Years Age) for the Assessment Year 2012-2013

Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 190,000 No Income Tax
2. Rs. 190,001 to 500,000 10%
3. Rs. 500,001 to 800,000 20%
4. Rs. 800,001 and above 30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2012-2013

Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 250,000 No Income Tax
2. Rs. 250,001 to 500,000 10%
3. Rs. 500,001 to 800,000 20%
4. Rs. 800,001 and above 30%

Income Tax Slabs for the Very Senior Citizen (Above 80 Years Age) for the Assessment Year 2012-2013

Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 500,000 No Income Tax
3. Rs. 500,001 to 800,000 20%
4. Rs. 800,001 and above 30%
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