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Income Tax Rate for the Assessment Year 2012-2013 ( Financial Year 2011-2012 )

 

Taxable income slab (Rs.)

Rate (%)

Up to 1,80,000
Up to 1,90,000 (for women)
Up to 2,50,000 (for senior citizen who is of the age of 60 years or more at any time during the previous year)

NIL

1,80,001 – 5,00,000
1,90,000 – 5,00,000 (for women)
2,50,000 – 5,00,000 (for senior citizen who is of the age of 60 years or more at any time during the previous year)

10

500,001 – 8,00,000

20

8,00,001 upwards

30

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.

 

The Qualifying age of senior citizen is reduced to 60. Earlier the age was 65. Now almost all retired employees will get this benefit. In addition to this relief for senior citizen a new category is introduced by Finance minister called Very Senior Citizen for those who have completed the age or above 80. The Income tax exemption for very senior citizen will be Rs. 500000.

 

 

 

Download Section 80CCF Tax Saving IDFC Infrastructure Bonds Application Form

 

https://sites.google.com/site/infrabondapplications/home/IDFC-Infrastructure-Bond-Application-Forms

 

Download Section 80CCF Tax Saving L&T Infrastructure Bonds Application Form

 

https://sites.google.com/site/infrabondapplications/home/l-t-long-term-infrastructure-bond-for-year-2011---2012

 

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