Income Tax Rates/ Slab

Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12)

Income Tax Rates/Slabs	Rate (%)
Upto 1,80,000 Upto 1,90,000 (for women) Upto 2,50,000 (senior citizens)	NIL
1,80,001 – 5,00,000	10
5,00,001 – 8,00,000	20
8,00,001 and above	30
Tax amendments for the FY 2011-12 are mentioned below : Increase in base income tax slab of men and senior citizens. Tax exemption limit remains the same i.e Rs. 20,000 on investment in tax saving Infrastructure bonds. A set of New Direct Tax Codes have been proposed, which will be active from Financial Year 2011. Senior citizen age reduced from 64 years to 60 years. People above 80 years of age to be included in the newly introduced 'Very Senior citizen' category.