Finance

INCOME TAX EXEMPTION LIMIT- 2012-13

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years

Basic Slabs for Women :-
Earlier under the age of 65 years, now under 60 years

Basic Slabs for Senior Citizen :-
Earlier over the age of 65 years, now 60 to 80 years

Up to Rs. 2,50,000	NIL
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20
Above Rs. 10,00,000	30%
Basic Slabs for 'Very' Senior Citizens :- New Category- over the age of 80 years
Up to Rs. 5,00,000	NIL
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

For normal category the simple calculation is as follows:

Taxable Income in 10% slab maximum tax will be Rs. 3,000
Taxable Income in 20% slab maximum tax will be Rs. 3,000 + Rs.1,00,000 total Rs 1,30,000
Taxable Income in 30% slab maximum tax will be Rs. 1,30,000

Education and other cess will be in addition to this.