Income Tax Rates/Slab for F.Y. 2012-13 (A.Y. 2013-14)

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Income tax rates, Tax slab

Income Tax Rates or Tax Slab

Financial year 2012-13 is about to end on 31st March, 2013 and there is an obvious rush among salaried employees to make investment according to income tax rates and save as much income tax possible under Section 80C of the Income Tax Act, 1961. Employees are asking colleagues about income tax rate their investment plans or asking for suggestion to get maximum deduction as well as maximum return from the investment.

Before that it is even more important to know as to how much income is taxable and how much income tax rate is applicable as per the slabs prescribed.

Here is a summary of income tax rates and slabs giving a birds view to plan before investing and how much one can save and how much tax will be deducted after savings.

 

Category
Slabs For Individuals
Rate of Tax
Male/Female
Up to Rs.2 lakhs
NIL
< 60 years
Rs.2 lakh to Rs5 lakhs
10%
Rs.5 lakhs to Rs10 lakhs
20%
Rs.10 lakhs
30%
Senior Citizen
Up to Rs.2.5 lakhs
NIL
60 years
> Rs.2.5 lakhs to Rs.5 lakhs
10%
and above
> Rs.5 lakhs to Rs10 lakhs
20%
>Rs.10 lakhs
30%
Very Senior Citizen
Up to Rs.5 lakhs
NIL
80 years and
> Rs.5 lakhs to Rs10 lakhs
20%
above
> Rs.10 lakhs
30%

Cess of 3% will be applicable over and above the rates specified above for all.

So before investing always check your tax liability as per the applicable tax slabs for making informed decisions.