Tax Slab has always been the focal point of a budget. Any decision which helps reduce the tax of an investor is always welcome. Unfortunately, the investor still feels that the Union Budget 2012 has been a disappointing one. To call a spade a spade, the Union Budget has been a non-reform one and it has been almost apathetic to the common man’s concern. The new tax slab will hardly benefit an investor in a scenario where the Inflation is high and investors have to pay a higher Service Tax.
Income Tax Reckoner
|
New Income Tax Slab As Per Union Budget 2012 – 2013 |
|
|
Assessment Year 2012-13 |
|
|
Taxable Income |
Tax Rate |
| Up to INR. 200,000 (Men) |
NIL |
| Up to INR. 200,000 (Women) |
NIL |
| Up to INR. 250,000 (Sr. Citizen Age – 65 Year.) |
NIL |
| From INR. 200,000 to 500,000 (Men) |
10% |
| From INR. 200,000 to 500,000 (Women) | |
| From INR. 250,000 to 500,000 (Sr. Citizen Age – 65 Year.) | |
| From INR. 500,001 to 1,000,000 (Men) |
20% |
| From INR. 500,001 to 1,000,000 (Women) | |
| From INR. 500,001 to 1,000,000 (Sr. Citizen Age – 65 Year.) | |
| Above INR. 1,000,000 (Men) |
30% |
| Above INR. 1,000,000 (Women) | |
| Above INR. 1,000,000 (Sr. Citizen age – 65 Year.) | |
The only question that surrounds right now is – Is Tax Progressive? I wonder if the exchequer will have a revenue lose of INR. 4,500!
This is a guest post by Mr. Mitesh Agarwal, BBA & MBA (Finance). Currently working as Financial Analyst with a leading firm in Mumbai.
1 comment for “[India] 2012 – 2013 Tax Slabs: Income Tax Calculator”