Budget 2012: Income tax ready reckoner after tax slab changes

In order to bring the provisions of the Finance Bill closer to those of the Direct Taxes Code ( DTC), the finance minister has done away with the distinction between "men" and "women" in so far the income exempt from tax is concerned.

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Both men and women have now be brought under "General" category with income upto Rs 2,00,000 exempt from taxes.

In the 2011-12 budget, the finance minister had reduced the exemption gap between men and women when he had raised the limit for income exempt from taxes for men from Rs 1,60,000 to Rs 1,80,000 keeping the income exempt from taxes for women untouched at Rs 1,90,000.

The table illustrates the impact on the taxable income of three broad categories--General, Senior Citizens (60-80 years) and Very Senior Citizens (80 years plus)....