Income tax rates usually change annually. Any adjustments are announced by the Ministry of Finance, Government of India.
Income tax rates determine the tax that will be applied to your income. In India, there are different income tax rates for men, women and senior citizens. The table outlines these.
Rate of Income Tax :
| Income tax slabs 2012-2013 for General tax payers | Income tax slabs 2011-2012 for General tax payers | ||
| Income tax slab (in Rs.) |
Tax | Income tax slab (in Rs.) |
Tax |
| 0 to 2,00,000 | No tax | 0 to 1,80,000 | No tax |
| 2,00,001 to 5,00,000 | 10% | 1,80,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% | 5,00,001 to 8,00,000 | 20% |
| Above 10,00,000 | 30% | Above 8,00,000 | 30% |
| Income tax slabs 2012-2013 for Women | Income tax slabs 2011-2012 for Women | ||
| Income tax slab (in Rs.) |
Tax | Income tax slab (in Rs.) |
Tax |
| 0 to 2,00,000 | No tax | 0 to 1,90,000 | No tax |
| 2,00,001 to 5,00,000 | 10% | 1,90,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% | 5,00,001 to 8,00,000 | 20% |
| Above 10,00,000 | 30% | Above 8,00,000 | 30% |
| Income tax slabs 2012-2013 for Senior citizen | Income tax slabs 2011-2012 for Senior citizen | ||
| (Aged 60 years but less than 80 years) | (Aged 60 years but less than 80 years) | ||
| Income tax slab (in Rs.) |
Tax | Income tax slab (in Rs.) |
Tax |
| 0 to 2,50,000 | No tax | 0 to 2,50,000 | No tax |
| 2,50,001 to 5,00,000 | 10% | 2,50,001 to 5,00,000 | 10% |
| 5,00,001 to 10,00,000 | 20% | 5,00,001 to 8,00,000 | 20% |
| Above 10,00,000 | 30% | Above 8,00,000 | 30% |
| Income tax slabs 2012-2013 for very senior citizen | Income tax slabs 2011-2012 for Very Senior citizen | ||
| (Aged 80 and above) | (Above 80 years) | ||
| Income tax slab (in Rs.) |
Tax | Income tax slab (in Rs.) |
Tax |
| 0 to 5,00,000 | No tax | 0 to 5,00,000 | 0% |
| 5,00,001 to 10,00,000 | 20% | 5,00,001 to 8,00,000 | 20% |
| Above 10,00,000 | 30% | Above 8,00,000 | 30% |
The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India.
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