How to Calculate My Income Tax? For Men and Women

After the 2012-13 “Central Budget” recently, there is a change in the income tax tariff. There are savings going by this new income tax implementation as the eligibility of the minimum earning of Rs. 1,80,000 has been raised to Rs. 2,00,000 in this new budget. Which means, you need not to pay the income tax if your annual income is below Rs. 2,00,000.

Income Tax Calculator

The change in the eligibility for women have been changed. Earlier women were under special category to reach the eligibility in paying the Income tax. Now, they are brought under general category which means even women earners need to pay the same percentage of tax from their income as given in the general category.

Below is the percentage of tax applicable for the taxable income limits (in Common)

Income
Up to Rs. 2 Lakhs
Income
Rs. 2 Lakhs to Rs. 5 Lakhs
Income
Rs. 5 Lakhs to Rs. 10 Lakhs
Income
Rs. 10 Lakh and Above
 0% Tax  10% Tax  20% Tax  30% Tax

Below is the detailed table that explains the figures in rupees indicating how much exactly you need to pay as Income tax based on your income level/range stipulated in the Income tax policy and the differences of amount between earlier tax amount and current tax amount (2012-13)

(See also for Top 5 Tips for Women to Save Money)

1. How much women has to pay their income tax and what is the difference of amount they see between the earlier taxing tariff and new tariff as per 2012-13 budget?

Taxable Income Existing Tax Tax as per New Budget (2012-13) You Save
 Rs. 1,90,000  –
 Rs. 2,00,000 Rs. 1,030 Rs. 1,030
 Rs. 2,50,000 Rs. 6,180  Rs. 5,150 Rs. 1,030
 Rs. 3,00,000 Rs. 11,330 Rs. 10,300 Rs. 1,030
 Rs. 5,00,000 Rs. 31,930 Rs. 30,900 Rs. 1,030
 Rs. 6,00,000 Rs. 52,530 Rs. 51,500 Rs. 1,030
 Rs. 8,00,000 Rs. 93,730 Rs. 92,700 Rs. 1,030
 Rs. 9,00,000 Rs. 1,24,630 Rs. 1,13,300 Rs. 11,330
 Rs. 10,00,000 Rs. 1,55,530 Rs. 1,33,900 Rs. 21,630

2. How much the General Category has to pay their income tax as per existing tariff and how much do they need to pay as per the new budget (2012-13)? Here is the detailing table that explains how much is the difference that you enjoy by the new tax tariff.

Taxable Income Existing Tax Tax as per New Budget (2012-13) You Save
 Rs. 1,80,000  –  –  –
 Rs. 1,90,000  Rs. 1,030  –  Rs. 1,030
 Rs. 2,00,000  Rs. 2,060  –  Rs. 2,060
 Rs. 2,50,000  Rs. 7,210  Rs. 5,150  Rs. 2,060
 Rs. 3,00,000  Rs. 12,360  Rs. 10,300  Rs. 2,060
 Rs. 5,00,000  Rs. 32,960  Rs. 30,900  Rs. 2,060
 Rs. 6,00,000  Rs. 53,560  Rs. 51,500  Rs. 2,060
 Rs. 8,00,000  Rs. 94,760  Rs. 92,700  Rs. 2,060
 Rs. 9,00,000  Rs. 1,25,660  Rs. 1,13,300  Rs. 12,360
 Rs. 10,00,000  Rs. 1,56,560  Rs. 1,33,900  Rs. 22,660

3. How much a Senior Citizen has to pay for Income tax and what is the savings from the earlier taxing tariff comparing to the new budget?

Taxable Income Existing Tax Tax as per the New Budget (2012-13) You Save
 Rs. 8,00,000  Rs. 87,550  Rs. 87,550  –
 Rs. 9,00,000  Rs. 1,18,450  Rs. 1,08,150  Rs. 10,300
 Rs. 10,00,000  Rs. 1,49,350  Rs. 1,28,750  Rs. 20,600

The above Income Tax Calculator table makes it clear about the existing tax amount and the new Income tax amount for your taxable income.