The Budget For 2012-13 was presented by Finance Minister Pranab Mukherjee on 16th march 2012.
INCOME TAX SLABS
The basic slab for income tax has been proposed to be raised to Rs. 2 lakhs from the current Rs. 1.8 lakhs. This leads to a savings of Rs. 2,000 for all taxpayers earning between 180,001 to 199,999. The finance Minister has not mentioned the tax slabs for women and senior citizens in his Budget Speech so far but it is awaited.
In addition, the finance minister has created new tax slabs. If your income is between Rs. 200,001 and Rs. 500,000, your tax rate will be 10%. For people earning Rs. 500001 to Rs. 10,00,000 -- the tax rate will be 20% and for people whose income is Rs. 10,00,001 and above the tax rate is 30%.
The finance minister has also said that taxation of unexplained money, credits, investments, expenditures etc, will be at the highest rate of 30%, here the slab of income will not be considered
Income tax slabs FY 2012-2013
General
tax payers
|
Income tax slab (in Rs.)
|
Tax
|
|
0 to 2,00,000
|
No tax
|
|
2,00,001 to 5,00,000
|
10%
|
|
5,00,001 to 10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
Women
|
Income tax
slab (in Rs.)
|
Tax
|
|
0 to 2,00,000
|
No tax
|
|
2,00,001 to
5,00,000
|
10%
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
Senior
citizen (Aged 60 years but less than 80 years)
|
Income tax
slab (in Rs.)
|
Tax
|
|
0 to 2,50,000
|
No tax
|
|
2,50,001 to
5,00,000
|
10%
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
Very
Senior citizen (Above 80 years)
|
Income tax
slab (in Rs.)
|
Tax
|
|
0 to 5,00,000
|
0%
|
|
5,00,001 to
10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
