March 28, 2012

Income Tax Slabs for ay 2012-13 / fy 2011-12

The Income Tax Slab for ay 12-13 are not much different from tax slabs for ay 11-12.

In the newly proposed income tax rates the slab ranges have been revised upwards but the changes are not much significant other than for citizens above 80 years of age. There will be an additional saving of Rs 2000 as per the union budget present by finance minister Pranab Mukherjee on 28th February 2011

In income Tax Slab for ay 12-13 / fy 11-12, basic tax exemption limits are same as in the old tax slabs but the Indian finance ministry has broadened the tax slabs for men and senior citizens. The threshold income tax exemption limit for men has been revised to Rs 1,80,000 than the previous limit of Rs 1,60,000. There will be a minimum saving of Rs 2000 in income tax than previous year.

A new income tax bracket for senior citizens has been introduced which are above eighty years of age.  The tax exemption limit to senior citizens above 80 of age has been increased to Rs. five lakhs from the existing 2.4 lakhs. For senior citizens between 60 to 80 years the tax exemption limit has been revised to Rs 2,50,000 from Rs 2,40,000 thus an increase of Rs 10,000 only. The senior citizen age has also been reduced to 60 years from 64 years.

There is no change in tax structure for women.

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) 2011-12 and assessment year (AY) 2012-13 are mentioned below:-
New Income tax slab for ay 12-13
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
New Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 8,00,00020%
3Above 8,00,00030%
Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12)
1Up to Rs 1,90,000No tax / exempt
21,90,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
New Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)
1Up to Rs 1,80,000No tax / exempt
21,80,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
For normal category the simple calculation is as follows
  • Taxable Income in 10% slab maximum tax will be Rs  32000
  • Taxable Income in 20% slab maximum tax will be Rs  32000 + Rs 60000 total Rs 92000
  • Taxable Income in 30% slab minimum tax will be Rs  92000
Education and other cess will be in addition to this.

Income tax rates applicable for the financial year (FY) 2010-11 and assessment year (AY) 2011-12 are mentioned below:-
Income tax slab for ay 11-12
New Income Tax Slabs for ay 11-12 for Resident Senior Citizens (FY 2010-11)
S. No.Income RangeTax percentage
1Up to Rs 2,40,000No tax / exempt
22,40,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
Income Tax Slabs for ay 11-12 for Resident Women (below 65 years) (FY 2010-11)
1Up to Rs 1,90,000No tax / exempt
21,90,001 to 5,00,00010%
35,00,001 to 8,00,0020%
4Above 8,00,00030%
New Income Tax Slabs for ay 11-12 Others & Men (FY 2010-11)
1Up to Rs 1,60,000No tax / exempt
21,60,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
For normal category the simple calculation is as follows
  • Taxable Income in 10% slab maximum tax will be Rs  34000
  • Taxable Income in 20% slab maximum tax will be Rs  34000 + Rs 60000 total Rs 94000
  • Taxable Income in 30% slab minimum tax will be Rs  94000
Education and other cess will be in addition to this.

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