Income Tax Slabs 2012-13

In the Union Budget 2012-13, common man has got a marginal benefit in terms of income tax slabs. The tax slab is as follows:

1. For General Tax payers (male and female)

0 to 2,00,000 No tax

2,00,001 to 5,00,000 10%

5,00,001 to 10,00,000 20%

Above 10,00,000 30%

There is a benefit of Rs 2000 for a person earning between 180000 to 200000. Interestingly, its same for male and female tax payers. Interesting to note that, finally equal rights are getting implemented in Income tax as well.

2. Income Tax slab For Senior citizens (between 60 to 80 year old)

0 to 2,50,000 No tax

2,50,001 to 5,00,000 10%

5,00,001 to 10,00,000 20%

Above 10,00,000 30%

3. Income tax slab for Very Senior citizens (Age 80 and above)

0 to 5,00,000 No tax

5,00,001 to 10,00,000 20%

Above 10,00,000 30%

The biggest beneficiaries are the ones having income between Rs. 8,00,001 to 9,99,999 per annum. They move from the 30% slab to the 20% slab