clarification

[MADHUSOODANAN P]

Sir what is the relaxation amount of income tax? is it Rs.1.80 lakhs per year or above that?

[Vivek Harsh]

The following amount are exempt for A/Y 2012-13

for men age less than 60 year upto 1,80,000

for Women age less than 60 year upto 1,90,000

for Individual  age more  than 60 year upto 2,50,000

for Individual  age more  than 80 year upto 5,00,000

AI Summary

Income tax exemption varies by age and gender, with higher relief for senior and super senior citizens. Clarification of income tax exemption thresholds for assessment year 2012-13: men below 60 years Rs. 1,80,000; women below 60 years Rs. 1,90,000; individuals 60 years or older Rs. 2,50,000; individuals 80 years or older Rs. 5,00,000.