- Deduction of Interest up-to 10000 Saving bank account has also been allowed.
- A New deduction of Rs. 50000 investment in Equity Rajiv Gandhi Retail Equity Scheme for income up to Rs. 10 Lacs awaited.
- No Changes made for corporate tax.

^{st}April 2011- (FY 2012-13, AY 2013-14))

*Normal Rates of Tax (For Male)*Where the total income does not exceeds to Rs. 2 Lacs | Nil |

Where the total income exceed Rs. 2 Lacs but doest not exceed Rs. 5 Lacs | 10% of the amount by which the total income exceeds of Rs. 2 Lacs. |

Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs | Rs. 30000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs |

Where the Total Income exceeds Rs. 10 Lacs | Rs. 130000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs. |

*(For Female-Resident of*India and below 60 years of age)Where the total income does not exceeds to Rs. 2 Lacs | Nil |

Where the total income exceed Rs. 2 Lacs but doest not exceed Rs. 5 Lacs | 10% of the amount by which the total income exceeds of Rs. 2 Lacs. |

Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs | Rs. 30000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs |

Where the Total Income exceeds Rs. 10 Lacs | Rs. 130000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs. |

*(For Individual, Resident in*India and age more than 60 years but less than 80 years)Where the total income does not exceeds to Rs. 2.50 Lacs | Nil |

Where the total income exceed Rs. 2.50 Lacs but doest not exceed Rs. 5 Lacs | 10% of the amount by which the total income exceeds of Rs. 2.50 Lacs. |

Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs | Rs. 25000 + 20% of the amount by which the total income exceeds Rs. 5 Lacs |

Where the Total Income exceeds Rs. 10 Lacs | Rs. 125000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs. |

*(For Every Individual, Resident in*India and age more than 80 years)Where the total income does not exceeds to Rs. 5 Lacs | Nil |

Where the total income exceeds Rs. 5 Lacs but does not exceed Rs. 10 Lacs | Rs. 20% of the amount by which the total income exceeds Rs. 5 Lacs |

Where the Total Income exceeds Rs. 10 Lacs | Rs. 100000 + 30% of the amount which is the total income exceeds Rs. 10 Lacs. |

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