Income Tax 2012-13 -Slabs and deductions permitted

  • Income Tax 2012-13 Slabs for different categories depending on Annual Income is given below.
  • These rates will be applicable for assessment year 2013-14(Financial year 2012-13).
Individuals below 60 years  IT Rate
Up to Rs.2,00,000 Nil
Rs.2,00,001 – Rs.5,00,000 10%
Rs.5,00,001 – Rs.10,00,000 20%
Rs.10,00,001 upwards 30%
Sr. Citizen (60-79 yrs) IT Rate
Up to Rs.2,50,000 Nil
Rs.2,50,001 – Rs.5,00,000 10%
Rs.5,00,001 – Rs.10,00,000 20%
Rs.10,00,001 upwards 30%
Very Sr. Citizen (80 yrs & above) IT Rate
Up to Rs.5,00,000 Nil
Rs.5,00,001 – Rs.10,00,000 20%
Rs.10,00,001 upwards 30%
  • Deduction in tax will be given for amount upto Rs.1 lakh  invested in tax savings under 80C.
  • 50 % deduction on investment upto Rs.50,000 directly in equities for taxpayers with annual income upto Rs. 10 lacs will be given under Rajiv Gandhi Equity Savings Scheme.
  •  With the new slab salaried employees will have minimum Rs. 2000 tax relief.
  • A deduction of upto Rs 10,000 for interest from savings bank accounts is proposed while computing taxable income.
  • If taxable salary income is up to Rs 5,00,000 and interest from savings bank accounts is up to Rs 10,000, no tax return is to be filed.
  • Rs 5,000 to cover expenses for preventive health check-ups for self and family members are deducted from taxable income within the overall limit of Rs 15,000 for Mediclaim insurance premium.
  • Capital gains from sale of house property will not be taxable, if invested in equity shares of eligible companies (typically SMEs).
  • Tax benefits (deduction for premium or exemption for maturity proceeds) are no longer available to new life insurance policies having annual premiums of more than 10% of sum assured (this does not take into account the loyalty bonus component).

Comments

My Salary per month is 44000/- only. I am saving 1,00,000/- in PFand PPF and I am getting reduction in 80 DDB as I am a chronic renal failure patient. Can you please suggest me how to reduce my tax cutting.

 

Hi,

 

My dad is going to retire in June 2013 after 33years of service.He is 59 now and will complete 60years  on Nov 9 2013.After retirement he is going to get a sum of 17lakhs.So,wanted to know how the income tax will be calculated for him and in which year the income tax deduction will happen for him?I believe it will happen in the next year and not this year.This year after his retirement i believe he will get the complete sum of money and deduction will happen only in the next year based on any investments he has made for this sum.Please correct me if I am wrong and please give some suggestions about the different ways,in which he can invest.

 

Thanks and Regards,

Sumaiya

Sir i have iti (mech.diesel).my post is trackman.how can i chang my cetegary in to mech. Helpar

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