Skip to content

INCOME TAX SLABS FOR 2012-13

March 29, 2012

The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14)  have been revised. The following is the New Income Tax structure for the year 2012-13.

In case of individual (other than II and III below) and HUF

Income Level                                                                                       Income Tax Rate

i.              Where the total income does not exceed Rs.2,00,000/-.                                     NIL

ii.             Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.

=   10% of amount by which the total income exceeds Rs. 2,00,000/-

iii.  Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.

= Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv.    Where the total income exceeds Rs.10,00,000/-.    = Rs. 1,30,000/- + 30% of the          amount   by  which the total income exceeds Rs.10,00,000/-.

II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

Income Level                                                                                    Income Tax Rate

i. Where the total income does not exceed Rs.2,00,000/-.                       NIL

ii.  Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.

= 10% of the amount by which the total income exceeds Rs.2,00,000/-.

iii.  Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.

=Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv.  Where the total income exceeds Rs.10,00,000/-   = Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

Income Level                                                                                                           Income Tax Rate

i.  Where the total income does not exceed Rs.2,50,000/-.         =                     NIL

ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-

=10% of the amount by which the total income exceeds Rs.2,50,000/-.

iii.  Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-

= Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv.  Where the total income exceeds Rs.10,00,000/-   = Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

Income Level                                                                                             Income Tax Rate

i.  Where the total income does not exceed Rs.2,50,000/-.  =                     NIL

ii.  Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- = Nil

iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
= 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv. Where the total income exceeds Rs.10,00,000/-  = Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Education Cess: 3% of the Income-tax.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: