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Tax Slabs and savings for individuals as per budget 2012

The tax slabs as per Budget 2012 announced by Finance minister, Pranab Mukherjee is as follows:

The new tax slabs for individuals are:

  • *Up to 2 lakh rupees – NIL
  • *2 lakh – 5 lakh rupees – 10%
  • *5 lakh – 10 lakh rupees – 20%
  • *Above 10 lakh rupees – 30%

There will no change in corporate tax rates.

Tax slabs for Men, Woman and Senior Citizens in 2012

How the savings for 2012 is calculated

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