Monday, July 13, 2020
Finance

INCOME TAX EXEMPTION LIMIT- 2012-13

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2,00,001 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 Women :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2, 00,001 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 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.