Income Tax Slab for Individuals – FY 2012-2013 (AY 2013-2014)

The Union Budget 2012-2013 announced by Finance Minister Pranab Mukherjee has amended the tax slab for Individuals.

With regard to Individuals :

The exemption limit has been raised from 180000 to Rs. 20000 for both Men and Women. Women are also brought under the same tax slab and now there will be no Gender discrimination. Here is the Tax Slab for 2012-2013:-

For Any other Individuals (including women)

FY 2012-2013                                               TAX RATE


Upto Rs.2lakhs                                                 NIL


From Rs.2lakhs to 5lakhs                                 10%


From Rs.5lakhs to 10lakhs                               20%


Rs.10lakhs and above                                       30%


With regard to Senior Citizens :

There is no change in the Basic Exemption limit for Senior Citizens, even though the upper limit for those falling in 20 per cent tax slab has been raised from 8 to 10 lakhs.

For Senior Citizens (60–80 years) 

FY 2012-2013                                                   TAX RATE


Upto Rs.2.50 lakhs                                               NIL


From Rs.2.50 to 5 lakhs                                        10%


From Rs.5 to 10 lakhs                                            20%


Rs.10 lakhs and above                                           30%


For Senior Citizens (80 years and above)

FY 2012-2013                                                     TAX RATE


Upto Rs.5 lakhs                                                      NIL


From Rs.5 to 10 lakhs                                          20%


Rs.10lakhs and above                                            30%


Moreover, we have seen that individuals have confusion about determining the qualifying age as senior citizen for financial year in which they become 60 years or 80 years of age. As per the Income Tax Act, 1961, senior citizen means a person who is 60 years at any time during the previous year which means if your age is 60 years on any date falling between 01.04.2012 to 31.03.2013, you will be treated as senior citizen for whole year. Likewise, very senior citizen means a person who is 80 years at any time during the previous year.

Leave a Reply

Your email address will not be published.