Income Tax limits for Individuals for AY 2012 -2013

Proposed Income Tax slab for Individual Tax payer for AY 2012-2013.

1. upto 2,00,000 - Nil
2. above 2,00,000 till 5,00,000   - 10%
3. above 5,00,000 till 10,00,000 - 20%
4. above 10,00,000                    - 30%

Rajiv Gandhi Equity Investment scheme encourages tax payer to invest upto Rs 50,000 directly in equity will fetch a tax exemption of around 50% of the Investment.

Savings Bank account Interest Income upto Rs 10,000 is exempted.