Budget 2012-13 : No Special Tax Rates for Women

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Budget 2012 has proposed new tax rates for Individuals , HUF , AOP & BOI ( Body of Individuals ) except companies but it has taken away the special status given to woman tax payers as no concessional tax rates are available to them .Finance Bill 2012 has treated  men and women as equals.  The new tax rates provides  a marginal relief to tax payers  . Major  relief out of small tax relief , is given to tax payers falling  in the middle income segments i.e total income between RS 5 lakh to 8 Lakh for which  tax rate is  20 % . The slab  has  been increased to 10 Lakh  from existing Rs 8 Lakh.

 As was the law last year, no surcharge is applicable on tax on Individuals , HUF , AOP & BOI

New Tax Rates for AY 2012-13 as per Budget 2012

(I ) For Individuals below 60 years age , HUF , AOP & Body of Individuals budget2012-13-tax-rates

Upto Rs. 2,00,000                                               Nil.
Rs. 2,00,001 to Rs. 5,00,000                                10 per cent.
Rs. 5,00,001 to Rs. 10,00,000                              20 per cent.
Above Rs. 10,00,000                                            30 per cent.

(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Upto Rs. 2,50,000                                               Nil.
Rs. 2,50,001 to Rs. 5,00,000                                10 per cent.
Rs. 5,00,001 to Rs. 10,00,000                              20 per cent.
Above Rs. 10,00,000                                            30 per cent.

(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year, –

Upto Rs. 5,00,000                                               Nil.
Rs. 5,00,001 to Rs. 10,00,000                              10 per cent.
Above Rs. 10,00,000                                            30 per cent.

(iv ) In case of Companies, Cooperative Society, Firm  & Local authorities, there is no change in tax rate. In other words , the tax rate for FY 2011-12  (Assessment Year 2012-13 ) shall continue.