Everyone makes their own arrangements for maximum tax saving. Tax  saving with ethical ways is very important for all the working professional. The Tax Slab Gyan is very important for maximum tax saving. As per the union budget presented by finance minister, Pranab Mukherjee on 16th March 2012 the new Income Tax Slab for Financial Year (FY) 2012-13 / Assessment Year (AY) 2013-14 are slightly different from Income Tax Slab for FY 11-12.

Income Tax Slab for Financial Year 2012-13

As per the new Tax Slabs and Income Tax Rates:

  • Income Tax Slab for FY 13-14 / FY 12-13, basic tax exemption limits are revised and the Indian Finance Ministry has also broadened the tax slabs for men and senior citizens
  • Previous year the threshold income tax exemption limit for men was of Rs 1,80,000. This has been revised to Rs 2,00,000 than for Financial Year 2012-13. This will be providing a minimum saving of Rs 2000 in income tax than than last year.
  • The 20% Slab in Financial Year 2012-13 has also been widened and its limit has been raised from 8 lakhs to 10 lakhs, providing an additional saving of Rs 22000 in tax if your taxable income is Rs 10,00,000 as compared to previous year.
  • The starting of 30% Tax Slab will be now from Rs 10,00,001
  • The Budget also exempt up to Rs 10,000 of interest income from tax.
  • Last year for senior citizens between 60 to 80 years the tax exemption limit was 2,4000. It has been revised this year to to Rs 2,50,000 will just provide a relief of Rs 10,000 only. The age for senior citizen has also been reduced to 60 years from 64 years.
  • There is no change in tax structure for women
  • In addition to exemption up to Rs.1, 00,000 through specific savings instruments, tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained for Financial Year 2012-13.
New Income Tax Slab for FY 2012-13 / AY 2013-14
New Income Tax Slabs for AY 2013-14 for Resident Senior Citizens above 60 years (FY 2012-13)
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 10,00,000 20%
4 Above 10,00,000 30%
New Income Tax Slabs for AY 2013-14 for Resident Senior Citizens above 80 years (FY 2012-13)
S. No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 30%
New Income Tax Slabs for AY 2013-14 for Resident Women (below 60 years) (FY 2012-13)
1 Up to Rs 2,00,000 No tax / exempt
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%
New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13)
1 Up to Rs 2,00,000 No tax / exempt
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

 

 

For normal category as per the FY 2012-13 simple calculations is as follows

Taxable Income Slab Tax
10 % Slab Maximum Rs  30000
20 % Slab Maximum Rs  30000 + Rs 1,00,000 total Rs 1,30,00
30 % Slab Minimum Rs 1,30,000

** Education and other cess will be in addition to this

Courtesy: S.A. Rizvi (rizvicompany@gmail.com)

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