How to Calculate Income Tax (IT) for New Financial Year 2012-13 after Budget

Please find some simple calculations for income tax for the financial year 2012-13. Finance minister increased the tax exemption limit to 2Lakhs from 1.8Lakhs and 20% slab extended up to 10Lakhs margin. 30% slab is applicable for 10lakhs and above.





Slabs(Men & Women)
Range
Taxable Amount
Tax Amount
No Tax Slab
0-200000
Nil

10% Tax Slab
200001-500000
300000
30000
20% Tax Slab
500001-1000000
500000
100000
30% Tax Slab
1000001 and above


Income
Tax In Rs
Total Income Upto 5Lakhs
30000
Total Income Upto 10Lakhs
130000


Total Income for person 20 Lakhs
430000
130000+1000000*0.3


DBA Tips Data Pump Reference

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