Friends,
The Financial Year 2012-13 (Assessment Year 2013-14) is going on. Everyone will now looking for calculation of Income Tax in this financial year. Some one may be thinking about Savings and Deductions under various sections of Income Tax. After calculating Gross Income and subtracting these Savings/Deductions with the help of following slabs you can calculate Income Tax liability in this particular financial year . As per the Finance Act, 2012, income-tax rates for the financial year 2012-2013 (i.e. Assessment Year 2013-2014) for individual,BOI, AOP, HUF is given as under. The Income Tax Slab for F/Y 2012-13 / A/Y 2013-14 are slightly different from Income tax slab for F/Y 11-12.
As per the union budget present by finance minister Pranab Mukherjee on 16th March 2012 the newly proposed income tax rates the slab ranges have been revised upwards but the changes are not much significant in the 10% tax bracket.
In income Tax Slab for Assessment Year 2013-14 / Financial Year 12-13, basic tax exemption limits are revised and the Indian finance ministry has also broadened the tax slabs for men and senior citizens. The threshold income tax exemption limit for men has been revised to Rs 2,00,000 than the previous limit of Rs 1,80,000.There will be a minimum saving of Rs 2000 in income tax than previous year.
The 20% slab has been widened and its limit has been raised from 8 lakhs to 10 lakhs. So there will be an additional saving of Rs 22000 in tax if your taxable income is Rs 10,00,000 as compared to previous year.
30% tax slab will now start from Rs 10,00,001
The Budget also exempt up to Rs 10,000 of interest income from tax.
There is no change in tax structure for women and senior citizens
In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:
New Income tax slab for F/Y 2012-13 - A/Y 2013-14
| ||
| New Income Tax Slabs for ay 13-14 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 13-14 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 13-14 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 the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 30000
- Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000
- Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000
