New Income Tax Slabs
The proposed income tax slabs in the Budget 2012-13 and the likely savings.
Individual Tax Payers
| Income | Tax rate | Savings |
|---|---|---|
| Up to Rs2,00,000 | NIL | Rs2,060 |
| Rs2,00,001 to Rs5,00,000 | 10% | Rs2,060 |
| Rs5,00,001 to Rs10,00,000 | 20% | Rs2,060 |
| Rs10,00,001 and above | 30% | Rs22,660 |
For Women
| Income | Tax rate | Savings |
|---|---|---|
| Up to Rs2,00,000 | NIL | Rs1,030 |
| Rs 2,00,001 to Rs5,00,000 | 10% | Rs1,030 |
| Rs5,00,001 to Rs10,00,000 | 20% | Rs1,030 |
| Rs10,00,001 and above | 30% | Rs21,630 |
For Senior Citizens of 60 years but less than 80 years
| Income | Tax rate | Savings |
|---|---|---|
| Up to Rs2,50,000 | NIL | NIL |
| Rs 2,50,001 to Rs5,00,000 | 10% | NIL |
| Rs5,00,001 to Rs10,00,000 | 20% | NIL |
| Rs10,00,001 and above | 30% | Rs20,599 |
Very Senior Citizens of 80 Years and above
| Income | Tax rate | Savings |
| Up to Rs5,00,000 | NIL | NIL |
| Rs5,00,001 to Rs10,00,000 | 20% | NIL |
| Rs10,00,001 and above | 30% | Rs20,599 |
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