Finance Minister has Just announce the Income Tax rates for Individuals , HUF(Hindu Undivided Family ),Female Senior citizen and very senior citizen In Union Budget 2012-13 and these rates are applicable for Financial year 2012-13 .We have prepared a small Calculator which will help you to calculate the tax benefit due to change in Income Tax rates and changes in slabs. You just have to click on "click on edit" button and then fill your taxable income in yellow cell , income tax benefit for Financial year 2012-13 due to union budget 2012-13 will be shown to you. Income tax calculation is shown for Individual less than 60, female less than 60 and individual between 60 to 80 year and very senior citizen above 80Years separately for each categories.
Finance Minister has Increased the exemption Limit to 2,00,000 from earlier 1,80,000 .Further Tax slab for 20% has now extended up to 10 Lakhs . No change in exemption limit for senior citizen and very senior citizen. After implementation of these limit and changes maximum benefit to females assessee less than 60 is 21630 , male less than 60 will be 22660 and senior citizen and very senior citizen tax benefit will be 20600.