Income Tax Slab Rates in India – AY 2012 and 2013.

For the Assessment year 2012-13, Finance Minister Pranab Mukarjee has released income tax slab rates here in New Delhi, on March 16 2012. Every tax payer in India is set to gain at least Rs.2,000 p.a., thanks to the relief proposed by Finance Minister. In his seventh national budget presented in the Lok Sabha Friday, Mukherjee raised the income tax exemption limit for individuals to Rs.2,00,000 from Rs.1,80,000 and revised the tax slabs to bring relief to some 35 million people in the country.

Individuals (male & female excluding Senior Citizens) & HUFs

1. Amount upto 2,00,000 – Nil
2. 2,00,001 – 5,00,000 – 10%
3. 5,00,001 – 10,00,00 – 20%
4. Above 10,00,000 – 30%

Senior Citizens (Aged above 59 and less than 80 years)

1. Amount upto 2,50,000 – Nil
2. 2,50,001 – 5,00,000 – 10%
3. 5,00,001 – 10,00,00 – 20%
4. Above 10,00,000 – 30%

Senior Citizens (Aged 80 years and obove)

1. Amount upto 5,00,000 – Nil
2. 5,00,001 – 10,00,00 – 20%
3. Above 10,00,000 – 30%