[India] 2012 – 2013 Tax Slabs: Income Tax Calculator

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.

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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

  1. gaurav
    March 30, 2012 at 7:37 pm

    vary good

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