INCOME TAX READY RECKONER FOR ASSESSMENT YEAR 2012-13

I TAX RATES FOR INDIVIDUALS  OTHER THAN II, III & IV BELOW

Upto 1,80,000                         - Nil
1,80,000 to 5,00,000               - 10% of the amount exceeding 1,80,000
5,00,000 to 8,00,000               - Rs.32,000 + 20% of the amount exceeding 5,00,000 
8,00,000 & above                    - Rs.92,000 + 30% of the amount exceeding 8,00,000

II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS

Upto 1,90,000                         - Nil
1,90,000 to 5,00,000               - 10% of the amount exceeding 1,90,000
5,00,000 to 8,00,000               - Rs.31,000 + 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.91,000 + 30% of the amount exceeding 8,00,000

III TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR CITIZEN)

Upto 2,50,000                         - Nil
2,50,000 to 5,00,000               - 10% of the amount exceeding 2,50,000
5,00,000 to 8,00,000               - Rs.25,000 + 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.85,000 + 30% of the amount exceeding 8,00,000

IV TAX RATES FOR INDIVIDUAL RESIDENTS  AGED 80 YRS AND ABOVE  (VERY SENIOR CITIZEN)

Upto 5,00,000                         - Nil
5,00,000 to 8,00,000               - 20% of the amount exceeding 5,00,000
8,00,000 & above                    - Rs.60,000 + 30% of the amount exceeding 8,00,000

There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.

EDUCATION CESS

The amount of Income-tax shall be increased by Education Cess of  3% on Income-tax.


Tax calculator simple for financial year 2011-12 assessment year 12-13 is available here