The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below: | New Income tax slab for ay 12-13 | | New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12) | | 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 8,00,000 | 20% | | 4 | Above 8,00,000 | 30% | | New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12) | | S. No. | Income Range | Tax percentage | | 1 | Up to Rs 5,00,000 | No tax / exempt | | 2 | 5,00,001 to 8,00,000 | 20% | | 3 | Above 8,00,000 | 30% | | Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12) | | 1 | Up to Rs 1,90,000 | No tax / exempt | | 2 | 1,90,001 to 5,00,000 | 10% | | 3 | 5,00,001 to 8,00,000 | 20% | | 4 | Above 8,00,000 | 30% | | New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12) | | 1 | Up to Rs 1,80,000 | No tax / exempt | | 2 | 1,80,001 to 5,00,000 | 10% | | 3 | 5,00,001 to 8,00,000 | 20% | | 4 | Above 8,00,000 | 30% | For normal category the simple calculation is as follows - Taxable Income in 10% slab maximum tax will be Rs 32000
- Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
- Taxable Income in 30% slab minimum tax will be Rs 92000
Education and other cess will be in addition to this |
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