Friday, March 16, 2012

Income Tax limits for Individuals for AY 2012 -2013



Proposed Income Tax slab for Individual Tax payer for AY 2012-2013.
  1. upto 2,00,000 - Nil
  2. above 2,00,000 till 5,00,000   - 10%
  3. above 5,00,000 till 10,00,000 - 20%
  4. above 10,00,000                    - 30%
Rajiv Gandhi Equity Investment scheme encourages tax payer to invest upto Rs 50,000 directly in equity will fetch a tax exemption of around 50% of the Investment.

Savings Bank account Interest Income upto Rs 10,000 is exempted.

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