There have been several changes in the tax slabs for the financial year 11-12 (AY 12-13). Now, any resident Indian between 60 to 79 years age is considered senior citizen and will enjoy income tax exemption on income Up to Rs 2,50,000.

Further, any resident Indian above 80 years age  gets  income tax exemption on income Up to Rs 5,00,000. These changes are a great relief for senior people who need to pay bills for health care.

Tax slabs for resident women remains the same but for resident males its has been made exempt upto annual income of Rs.1,80,000.

The latest income tax slabs for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are provided below in details:

Tax slab for AY 2012-13
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 8,00,00020%
3Above 8,00,00030%
Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12)
1Up to Rs 1,90,000No tax / exempt
21,90,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%
Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)
1Up to Rs 1,80,000No tax / exempt
21,80,001 to 5,00,00010%
35,00,001 to 8,00,00020%
4Above 8,00,00030%

For normal category, the following simple calculation is applicable:

  • Taxable Income in 10 percent slab: maximum tax-32,000 INR
  • Taxable Income in 20 percent slab: maximum tax-32,000 plus 60,000 INR (total 91,000)
  • Taxable Income in 30 percent slab: minimum tax-92000 INR

Education or/and other cess are additional.

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