Topic: I would like to know what tax slab shall now be applicable to me

I turned 65 this year, according to Income tax a person is considered as senior citizen after he attains age of 65,

Since you shall now be considered as senior citizen from this year onwards, tax slab applicable to you shall be as follows:

Net Income Range Income Tax

Up to Rs.2,25,000 Nil
Rs.2,25,001 to Rs.3,00,000 10% of the income above Rs.2,25,000
Rs.3,00,001 to Rs.5,00,000 Rs.7,500 + 20% of the income above Rs.3,00,000
Rs.5,00,001 to Rs.10,00,000 Rs.47,500 + 30% of the income above Rs.5,00,000
Above Rs.10,00,000 Rs.2,05,000 + 30% of the income above Rs.10,00,000

Surcharge @10% shall be levied if income exceeds Rs.10lakhs. Education Cess @3% shall be levied on total tax and surcharge calculated above.

The latest tax slabs as per Budget 2012 are http://insight.banyanfa.com/?p=546

Regards
BFA

a quick 2 minutes review should give you the details you are looking for.

http://www.wealthucreate.com/2012/03/union-budget-2012-13-tax-slabs.html

Regards
wealthucreate

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