If you net income is more than Rs 2,00,000 then you should file your return and pay tax to Govt. of India. Every year the Government of India revised income tax slab and there was updates on AY 2012-13. More details on Income tax slab is given below:
Income Tax Rates for General Male and Female
Up to Rs 2,00,000 – No need to pay Tax.
Rs 2,00,001 to Rs 5,00,000 – 10% tax (2,000 rebate is provided by Govt. of India)
Rs 5,00,001 to Rs 10,00,000 – 20% tax
Rs 10,00,001 or more – 30%
Note: There would be 3% on Income Tax as an Education Cess tax.
Income Tax Slab for Seniors (60 or 60+ years)
Up to Rs 2,50,000 – No Tax
Rs 2,50,001 to Rs 5,00,000 – 10% Tax
Rs 5,00,001 to 10,00,000 – 20% Tax
Rs 10,00,001 or more – 30% Tax
Note: Those Seniors citizens age 80 year or more,no need to pay tax till Rs 5,00,000, however if the total amount goes above that then above charges will be applicable as mentioned above for 60 years.