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
As expected the congress govt. do not have forward looking vision and not able to control inflation, stop scams and do development works. We should have the right to recall this disappointing govt. No relif for am admi.ReplyDelete