Personal Income Tax Rates for the Financial Year 2012-2013 and Assessment Year 2013-2014

The Government of India has increased the basic personal income tax exemption limit from Rs. 180,000 to Rs. 200,000 for the Financial Year 2012-2013 and Assessment Year 2013-2014.

The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2012 to March 31, 2013.

Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2012-2013 (Assessment Year 2013-2014).

Income Tax Slabs for the Individual Male (Below 60 Years Age) for the Assessment Year 2013-2014

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 200,000	No Income Tax
2.	Rs. 200,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Individual Female (Below 60 Years Age) for the Assessment Year 2013-2014

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 200,000	No Income Tax
2.	Rs. 200,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2013-2014

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 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Very Senior Citizen (Above 80 Years Age) for the Assessment Year 2013-2014

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