Tax rates for 2012 - 2013
This query is : Resolved
04 April 2012
Tax rates for 2012 - 2013 slabs
04 April 2012
Check out below links---
http://www.simpletaxindia.net/2012/03/income-tax-slabs-rates-after-budget.html
http://www.simpletaxindia.net/2011/11/income-tax-rate-chart-slab-fy-11-12-ay.html
http://www.simpletaxindia.net/2012/03/income-tax-slabs-rates-after-budget.html
http://www.simpletaxindia.net/2011/11/income-tax-rate-chart-slab-fy-11-12-ay.html
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04 April 2012
Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:-
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu
undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) are as under :—
Upto Rs. 2,00,000 Nil.
Rs. 2,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
Upto Rs. 2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year, -
Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
No surcharge shall be levied in the cases of persons covered under paragraph-A of part-III of the First Schedule.
B. Co-operative Societies
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for assessment year 2012-13. No surcharge will be levied.
C. Firms
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for assessment year 2012-13. No surcharge shall be levied.
D. Local authorities
The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the assessment year 2012-13. No surcharge will be levied.
E. Companies
The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill.
These rates are the same as those specified for the assessment year 2012-13.
The existing surcharge of five per cent in case of a domestic company shall continue to be levied. In case of companies other
than domestic companies, the existing surcharge of two per cent. shall continue to be levied.
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not
exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that
exceeds one crore rupees.
The existing surcharge of five per cent. in all other cases (including sections 115JB, 115-O, 115R, etc.) shall continue to
be levied.
For financial year 2012-13, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher
Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu
undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) are as under :—
Upto Rs. 2,00,000 Nil.
Rs. 2,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
Upto Rs. 2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year, -
Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.
No surcharge shall be levied in the cases of persons covered under paragraph-A of part-III of the First Schedule.
B. Co-operative Societies
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for assessment year 2012-13. No surcharge will be levied.
C. Firms
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for assessment year 2012-13. No surcharge shall be levied.
D. Local authorities
The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the assessment year 2012-13. No surcharge will be levied.
E. Companies
The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill.
These rates are the same as those specified for the assessment year 2012-13.
The existing surcharge of five per cent in case of a domestic company shall continue to be levied. In case of companies other
than domestic companies, the existing surcharge of two per cent. shall continue to be levied.
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not
exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that
exceeds one crore rupees.
The existing surcharge of five per cent. in all other cases (including sections 115JB, 115-O, 115R, etc.) shall continue to
be levied.
For financial year 2012-13, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher
Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.
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04 April 2012
2012-13 (2013-14) Nil 200000 200000 250000
10% 200001 to 500000 200001 to 500000 250001 to 500000
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% > 1000000 > 1000000 > 1000000
10% 200001 to 500000 200001 to 500000 250001 to 500000
20% 500001 to 1000000 500001 to 1000000 500001 to 1000000
30% > 1000000 > 1000000 > 1000000
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