Friday, March 30, 2012

Income Tax Slabs for Financial Year 2012-13

Here’s the Income Tax Slabs for the financial year 2012-13, based on the budget presented by the Finance Minister on 16th March 2012.

General
Till 2,00,000 – 0%
2,00,001 ~ 5,00,000 – 10%
5,00,001 ~ 10,00,000 – 20%
Above 10,00,000 – 30%

Senior Citizen (Between 60 & 80 years)
Till 2,50,000 – 0%
2,50,001 ~ 5,00,000 – 10%
5,00,001 ~ 10,00,000 – 20%
Above 10,00,000 – 30%

Very Senior Citizen (Above 80 years)
Till 5,00,000 – 0%
5,00,001 ~ 10,00,000 – 20%
Above 10,00,000 – 30%

Comments
The Finance Minister didn’t mention about a separate tax slab for women. Either it is awaited or we will see that it is unified with the General category. I think the unification of tax slabs for men and women makes greater sense.

The first slab is raised from 1,80,000 to 2,00,000 leading to a maximum tax savings of 2,000 in this slab. People earning income between 8,00,000 and 10,00,000 are the biggest beneficiaries of the new tax slabs as this range of income moves from a 30% slab to 20% slab, resulting in a maximum tax savings of 20,000.

Overall, this is not a great relaxation for the income earning populace at a time when the cost of living has consistently been higher and is not showing any signs of cooling.

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I don't think it's a good idea to increase the taxes to these figures. Standard of living is also getting higher, thus making such changes will affect the ability of the individuals to pay their debts, rents, and other responsibilities. This is also true in the US. Taxes are getting higher and higher affecting several businesses including vehicle owners who need to file their tax returns using the form 2290. It's difficult, but we need to adhere with the law.

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No major Changes has been made in income tax return form except details of interest in entity /Banks balance etc outside India have to be furnished in Income Tax return form .For these special columns has been provided.
Person having total taxable income up to Rs 5 lakh Salary income from one employer including saving bank interest up to Rs 10000 is exempted from Income tax return for assessment year 2012-13

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