Understanding the New Income and Service Tax Slabs for 2012-13: What Changes Should You Expect?

New Slabs for Income Tax and Service Tax Rates for 2012-13

Find enclosed new slabs for Income Tax and Service Tax rates for the period 2012-13.

Regards.

If your total gross salary is 2.4L per annum, it means you are not in the tax brackets. This is because within the gross salary, there are components like Basic, HRA, Medical Allowance, and Conveyance Allowance. If only the taxable salary, which means the Basic, is 2.4L, then you can avoid tax by producing investment proofs.

If my salary is ₹45,000 per month, will I come under the income taxpayers list? If so, how much should I pay monthly? What is the purpose of paying income tax? PF ₹780 and professional tax ₹200 are deducted from my salary. Kindly clarify my doubt.