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The new income slabs and rates of income tax on total income shall be as under:

Income-slab

Rates of income tax (a) Total taxable income upto Rs.2,00,000/NIL (b) Total taxable income exceeding Rs.2, 00,000/- but does not exceed Rs.5, 00,000/10% of the amount by which the total income exceeds Rs.2, 00,000/(c) Total taxable income exceeding Rs.5, 00,000/- but does not exceed Rs.10, 00,000/Rs.30, 000/- plus 20% of the amount by which the total income exceeds 00,000/(d) Total taxable income above Rs.10, 00,000/Rs.1,30, 000/- plus 30% of the amount by which the total income exceeds Rs.10,00 ,000/2. In case of every individual being a resident in India who is of the ag e of sixty years or more but less than eighty years at any time during the previ ous year. The rates of income tax are as under:-

Rs.5,

Income-slab

Rates of income tax (a) Total taxable income upto NIL (b) Total taxable income exceeding Rs.2, 50,000/- but does not exceed Rs.5, 00 Rs.2, 50,000/-

,000/10% of the amount by which the total income exceeds Rs.2,50, 000/(c) Total taxable income exceeding Rs.5, 00,000/- but does not exceed Rs.10,00,000/Rs.25, 000/- plus 20% of the amount by which the total income exceeds Rs.5, 00,000/(d) Total taxable income above Rs.10, 00,000/Rs 1,25,000/- plus 30% of the amount by which the total income exceeds Rs.10,00, 000/3. Individuals who are of 60 years (instead of 65 years) and above will be considered as senior citizen for the purpose of Income Tax under all sections. 4 .Deduction U/S 80DDeductions under Section 80 D in respect of premium paid towards a h ealth insurance policy for the assessee or his family including Parents is upto Rs.15, 000/-. However, where the premium policy is to effect or keep in force a n insurance on the health of any person who is a senior citizen, deduction are a llowable upto a higher sum of Rs.20, 000/-. 5.. Deductions on account of preventive health check up of self/spouse/de pendent children or parents will be allowed upto a maximum of Rs.5, 000/- within the overall limit of Rs.15000/This amendment will take effect from 1st April 2013 and will accordin gly apply in relation to the assessment year 2013-14 and subsequent years. 6. Deductions U/S 80DDB Deductions U S 80DDB is enhanced to Rs.60, 000/- where the amount actu ally paid for the medical treatment of specified disease/ailment in respect of i ndividual or his dependent, any of whom is a senior citizen. This amendment will take effect from 01st April 2013 and will accordin gly apply in relation to the assessment year 2013-2014 and subsequent years. 7. Deductions U/S 80G No deduction shall be allowed under this section in respect of donati on of any sum exceeding Rs.10, 000/- unless such sum is paid by any mode other t han cash.

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