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Finance Minister Pranab Mukherjee Increase the Tax Exemption limit from Rs. 1,80,000 to 2,00,000 for Men & 1,90,000 to 2,00,000 for Women. Further Tax Slab for 20% has not extended from 8,00,000 to Rs. 10,00,000, but no change for senior citizen and very senior citizens. After changing of these limits and changes in maximum benefits to female is Rs. 21630, for male less than is Rs. 22660, Senior Citizens and very senior citizen tax benefit is not changed.

  • Deduction of Interest up-to 10000 Saving  bank account has also been allowed.
  • A New deduction of Rs. 50000 investment in Equity Rajiv Gandhi Retail Equity Scheme for income up to Rs. 10 Lacs awaited.
  • No Changes made for corporate tax.

HERE IS THE LATEST RATE OF INCOME TAX AFTER BUDGET 2012-13 (w.e.f. 1st April 2011- (FY 2012-13, AY 2013-14))

Normal Rates of Tax (For Male)
Where the total income does not exceeds to Rs. 2 Lacs
Nil
Where the total income exceed Rs. 2 Lacs but doest not exceed Rs. 5 Lacs
10% of the amount by which the total income exceeds of Rs. 2 Lacs.
Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs
Rs. 30000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs
Where the Total Income exceeds Rs. 10 Lacs
Rs. 130000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs.

(For Female-Resident of India and below 60 years of age)
Where the total income does not exceeds to Rs. 2 Lacs
Nil
Where the total income exceed Rs. 2 Lacs but doest not exceed Rs. 5 Lacs
10% of the amount by which the total income exceeds of Rs. 2 Lacs.
Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs
Rs. 30000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs
Where the Total Income exceeds Rs. 10 Lacs
Rs. 130000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs.

(For Individual, Resident in India and age more than 60 years but less than 80 years)

Where the total income does not exceeds to Rs. 2.50 Lacs
Nil
Where the total income exceed Rs. 2.50 Lacs but doest not exceed Rs. 5 Lacs
10% of the amount by which the total income exceeds of Rs. 2.50 Lacs.
Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs
Rs. 25000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs
Where the Total Income exceeds Rs. 10 Lacs
Rs. 125000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs.

(For Every Individual, Resident in India and age more than 80 years)

Where the total income does not exceeds to Rs. 5 Lacs
Nil
Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs
Rs. 20% of the amount by which the total income exceeds Rs. 5 Lacs
Where the Total Income exceeds Rs. 10 Lacs
Rs. 100000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs.

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