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

advertisements

_____________________________________________________________________________________________________________________

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

_____________________________________________________________________________________________________________________

Website Stats