The personal Income tax slabs have been revised in budget 2012. Though the limits have been raised marginally, there will be more savings for people earning more than 8 lakh per annum.
- The basic Income tax exemption limit raised to Rs 2 lakh from Rs 1.8 lakh.
- Rs 2 lakh - 5 lakh taxed at 10%.
- Rs 5 Lakh - 10 lakh at 20%. Previous year band was 5 lakh - 8 Lakh.
- Above Rs 10 lakh taxed at 30%.
So as per the revised slabs now you can calculate your income tax liability for FY-13 using either the following form based calculator: Income Tax Calulator 2012 - 2013 or Excel based calculator