Income Tax Slab for AY 12-13

The following are the details of the Income Tax Slab for AY 12-13.  These figures were released by RDA & Associates on March 16 2012 and are verbatim.

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)

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  34000
Taxable Income in 20% slab maximum tax will be Rs  34000 + Rs 60000 total Rs 94000
Taxable Income in 30% slab minimum tax will be Rs  94000
Education and other cess will be in addition to this (RDA & Associates, 2012)

There are substantial tax concessions in this Income Tax Slab for AY 12-13, however, please keep in mind that as a taxpayer you are required to have a PAN card and on entering your PAN it and you are subject to PAN number verification also known as NSDL PAN Card Verification where by your number is verified to ensure your correct data and validity of your account.

Works Cited in this document:

BIBLIOGRAPHYRDA & Associates. (2012, April 29). INCOME TAX SLAB RATE APPLICABLE . Retrieved August 4, 2012, from RDA & Associates: http://rdaindia.com/inctaxfy1112.pdf

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