In the latest budget announcement on 16th March 2012, the financial minister, Pranab Mukherjee, announced raising the tax exemption limit  from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be NIL. For those with an income between Rs 2-5 lakh the tax deduction would be 10%. For income between Rs 5-10 lakh the tax bracket will be 20%. Income above Rs 10 lakh will now come under the 30% tax bracket. Please note the assessment year for this will be AY 2013-2014.

Rest of the details and detailed slabs for women, senior citizens etc are not out yet and will be updated later.

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20 Comments on Income Tax Slabs for FY 2012-2013

  1. S.KMisra says:

    I shall be glad to be mailed regarding best possible savings schemes for Income Tax FY 2012-20132 for SENIOR CITIZEN having income Rs. 5,00,000.00 to Rs.8,00,000.00

    Regards,

    Sanjib.k.misra@gmail.com

  2. sureshreddy says:

    what is the income tax exemption limit for lady assessee for AY-2013-2014

  3. gouresh malagi says:

    i neeed income tax slabs for ay-2013-2014

  4. Ningappa says:

    Can I know tax exemption for Women for the financial year 2012-2013

  5. RAJ NARAYAN says:

    pls. asist me in which date we will calculate increasing service tax rate

  6. Aman kohli says:

    i neeed income tax slabs for ay-2013-2014

    • Sherry says:

      All other viadebrodecastor like yahoo myspace and others are just waiting for that.the video qualities are already much better in most of other sites than on youtube ! (screen is bigger and compression is lower and the sound is better and stereo)Do you think people will keep post on youtube for a poor image and sound quality and now with some ads on it ?? haha no way. WAKE UP!

  7. subrat das says:

    what is the tax exemption limit for men and women

  8. s.c.saxena says:

    let me know regarding best possibie savings for income tax FY2012-2013 for SENIOR CITIZEN having income Rs10,00,000 to 15,00,000

  9. SUDIP KUMAR says:

    I HAVE REQUIRE THE I. TAX SLAB FY-2012-13 FOR ALL,& PLEASE TELL ME IN DATAILS THE PROCEDURES TO FILE THE TDS RETURN.

    • Bryson says:

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  10. Girish Ghadigaokar says:

    I would like to know the tax applicable to a proprietorship firm whose income in one financial year is 50 lac and expense is 38 lac, net profit is 12 lac.

  11. ASHWANI says:

    whether reimbursement of tution fee as per Central Govt. is texable or will form the part of standard deduction or non texable.

  12. murthy says:

    Dear sir,
    please send me details of process of tax assumption and income tax retuns process for 2012-3013 to my mail id.
    Thanks and regards
    Murthy

  13. Dear sir,
    please send me details of process of tax assumption and income tax retuns process for 2012-3013 to my mail id.
    Thanks and regards

  14. g s heramba says:

    My total income for 20120/2013 is rs368620 of which my salary
    upto July 2012 is 223712 and pension from August 201 to March
    2013 144908 plus interest on deposit of 51183 as on July
    31 2012 I have attained the age of 60 what is my tax liabilty
    any body from the group can you please help me

  15. Harish Chandra Soni says:

    is there any infrastructure tax is applicable in mumbai & if is, what is the %
    Please give me the information

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