Income Rates slab for A.Y2013-14(F.Y 2012-13)

In Union Budget-2012 the Finance Minister has increased the exemption Limit from Rs. 180000/- to Rs. 200000 for Male & Female equally. He further extended 20% Slab from Rs. 500000 to Rs. 10 Lakhs as well as 30% Slab applied for above Rs. 1000000 Income.  No change in exemption limit for senior citizen and very senior citizen. Change done in only 20% block and 30% block block, Came 10,00,000/- in the place of 8,00,000/-.

INCOME TAX SLAB RATE APPLICABLE FOR THE ASSESSMENT YEAR 2013-14

New Income Tax Slabs for AY 2013-14 for Resident Senior Citizens above 60 years (FY 2012-13)

       Resident Senior Citizens above 60 years and below 80 years                ( FY 2012-13)
S.NO

Income

Percentage

1

up to Rs .250,000/-

No Tax

2

from 250,001 to 500,000/-

10%

3

From  500,001 to 10,00,000/-

20%

4

Above 10,00,000/-

30%

Income Tax Slabs for AY 2013-14 for Resident Senior Citizens above 80 years (FY 2012-13)

1

up to Rs.500,000/-

No Tax

2

from 500,001 to 10,00,000/-

20%

3

Above 10,00,000/-

30%

Income Tax Slabs for A.Y 2013-2014 for Resident Women(below 60 years) (FY 2012-13)

1

up to 200,0000/-

No Tax

2

From 200,001 to 500,000/-

10%

3

From 500,001 to 10,00,000/-

20%

4

above 10,00,000/-

30%

New Income Tax Slabs for A.Y2013-2014 Men & HUF (FY 2012-13)

1

up to 200,0000/-

No Tax

2

From 200,001 to 500,000/-

10%

3

From 500,001 to 10,00,000/-

20%

4

above 10,00,000/-

30%

Note: Extra Secondary Education cess 2%  on total tax payable and Higher education cess 1% on total tax payable

 

 

 

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