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Friday, March 16, 2012

INCOME TAX SLAB 2012-13 FOR INDIVIDUAL TAXPAYERS...

with 2 comments
DETAILED INCOME TAX RATES...click here

Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh

Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh

Deduction up to Rs. 10,000 Proposed for Savings Bank Interest

Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax

The exemption limit for the general category of individual taxpayers has been enhanced to Rs. 2,00,000 from Rs. 1,80,000 in the General Budget 2012-13, presented by the Union Finance Minister Shri Pranab Mukherjee in the LokSabha here today. This measure will provide tax relief uptoRs. 2,000 to every taxpayer in this category.
The Finance Minister, Shri Mukherjee introduced the DTC (Direct Taxes Code) rates for personal income tax, marking progress in the direction of movement towards DTC and GST (Goods and Services Tax).
           
It has also been proposed to raise the upper limit of 20 per cent tax slab from Rs. 8 lakh to Rs. 10 lakh. The proposed personal income tax slabs are:

Income uptoRs. 2 lakh Nil
Income above Rs. 2 lakh and uptoRs. 5 lakh 10 per cent
Income above Rs. 5 lakh and upto Rs.10 lakh 20 per cent
Income above Rs. 10 lakh 30 per cent
           
In another relief to the individual taxpayers, a deduction of uptoRs. 10,000 has been proposed for interest from savings bank accounts. This would help a large number of small taxpayers with salary incomes uptoRs. 5 lakh and interest from savings bank accounts uptoRs. 10,000 as they would not be required to file income tax returns.
         
It has also been proposed to allow deduction of Rs. 5,000 for preventive health check up.
         
 For senior citizens not having income from business, it has been proposed to exempt them from payment of advance tax.
PIB

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2 comments:

COL LAMBA said...

KINDLY PROVIDE BASIC INCOME TAX EXEMPTION TO SENIOR CITIZEN UP TO 5 LACS IN FY 2004-05 SR CITIZEN TAX BENEFIT OF RS 20000 AS COMPARED 2005-2006 OTHERS WERE RAISED TO 100000 SR TO 185000 SO ACTUAL RELIEF CAME TO 12000 INSTEAD OF 20000.THERE AFTER REDUCED FURTHER EVERY YEAR NOW DIFFERENCE IS ONLY 5000.THIS YEAR RELIEF INCREASED TO OTHERS BY 20000 AND ZERO TO SENIOR CITIZEN. COMPARISON TO 2004-2005 FOOD INFLATION HAS GONE 5 TIMES & MEDICAL TIMES. HENCE GOVERNMENT PROVIDE TAX EXEMPTION AS 5 LACS

jashn samra said...

Every citizen looks the different tax saving options to save tax or pay less tax, for that Income Tax Slab as describes in this blog gives an idea to tax payers how much tax will be deducted as per the applicable slab rates. thanks for giving information about income tax slab.

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