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The Hon’ble Union Finance Minister in his Budget for the financial year 2012-13 has proposed the basic exemption limit for Male assessees to be Rs. 21, 00,000/- and for Senior citizens to be at Rs. 2,50,000/-. There is a new category, ‘Very Senior Citizen’ who are aged 80 years or above and the exemption limit is Rs. 5,00,000/-. However, there has been no change in the basic exemption limit in the case of Female assessees.
These changes would amount to a small reduction in Tax Amount, compared to last year. Relyon provides an online utility to check the Tax difference for last year to this year.
|Tax Difference Calculator 2011-12 & 2012-13
- Senior Citizen means the individual aged between 60 to 79 years.
- Very Senior Citizen means the individual aged 80 years and above.
- The age has been assumed as of current year, as Senior citizen age has been reduced from 65 to 60 years. (This may amount to marginal difference, if assessee is between 60 and 65 during last year. This is not taken care above.)
Source: Relyon | Back to Budget 2010 Page