This year the tax exception limit is raised from 1.8 lakhs to 2 lakhs. Also, up to Rs. 10,000 interest on savings account is exempted from tax. An additional 5,000 can be exempted for preventive health check-ups in addition to the medical insurance.
Here are the new tax slabs for the financial year for general, women, senior and very senior categories for 2012-2013:
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Income tax slabs - General Category for the FY 2012-2013
| Income tax slab | Tax |
|---|
| 0 to 2,00,000 | No tax |
| 2,00,001 to 5,00,000 | 10 percentage |
| 5,00,001 to 10,00,000 | 20 percentage |
| Above 10,00,000 | 30 percentage |
Income tax slabs - Women for the FY 2012-2013
| Income tax slab (in Rs.) | Tax |
|---|
| 0 to 2,00,000 | No tax |
| 2,00,001 to 5,00,000 | 10 percentage |
| 5,00,001 to 10,00,000 | 20 percentage |
| Above 10,00,000 | 30 percentage |
Income tax slabs - Senior citizen(60 to 80) for the FY 2012-2013
| Income tax slab (in Rs.) | Tax |
|---|
| 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 10 percentage |
| 5,00,001 to 10,00,000 | 20 percentage |
| Above 10,00,000 | 30 percentage |
Income tax slabs - Very Senior citizen(above 80) for the FY 2012-2013
| Income tax slab (in Rs.) | Tax |
|---|
| 0 to 5,00,000 | 0 percentage |
| 5,00,001 to 10,00,000 | 20 percentage |
| Above 10,00,000 | 30 percentage |
New Tax Saving Options
- Rajiv Gandhi Equity Savings Scheme - 50% tax deduction for up to Rs 50,000 invested in stocks for those whose annual income is below Rs 10 lakh. Please note there is a three year lock in period.
- Interest on Savings Account - Up to Rs. 10,000 is exempted from tax.
- Preventive health check-ups - Up to Rs. 5,000 can be exempted.
Sir, what about infra structure bonds this year.
ReplyDeleteTax Savings on Infrastructure Bonds in India withdrawn in FY 2012 - 2013
ReplyDeleteI never submitted tax returns, as I am a senior_citizen(widow), my annual income is about 4 lakhs. Is 15H filing sufficient?
ReplyDeletePlease clarify.
I bought Infrastructure Bond last year and have also applied for tax deduction for 2011 - 2012...
ReplyDeleteJust had a confusion, can existing policy holders apply for deduction for 2012 - 2013 or onwards.
Thankx...
Some miscreants have attachment with Income Tax Inteligence since 60 years of a office. If anybody goes against them in service or business they report the Bank Account details to Income tax Inteligence with the motive to harm their enemies. This relationship is handed over from one generation to another of the same group of miscreants. They have the hold in the same govt. office as well as private business.Now their cicle have been extended in Share Broakers, Post Office agents and clerks. So many innocent people have become their victims as Govt. extended network deducts the amount from the Victim's account without intimating to them as so called recovery. This is unjustice and unlawful in the sight of public of India. Govt. should immediately ban the semi-judicial power misuse of Income Tax Authorities. In such cases the matter should be referred to CBI and the entire truth will come when the victim will tell them all things (How these are fabricated against him). If the Indian Govt. is honest the penel action must be taken against miscreants. Govt. should not be greedy to get easy money. Some of the victims have not breads even to eat and lived a harrashed life all times due to these miscreants. It is only due to not calling the victims before the CBI. And this gives miscreants upper hand. We can help CBI in catching the miscreants as we are being harmed/harrashed by both misreants and Govt.agencies. Supreme Court is also requested to amend such laws and ban the miscreants from shaking hands with Govt. Department(s). As they find themselves fully safe while commiting crimes for their own benefits. No matter other person dies with their acts.
ReplyDelete