Income Tax Slabs: FY 2012-13

Income Tax Slabs: FY 2012 – 13

Slabs for Income tax rates are divided in following categories:

A. Individuals (Men & Women), HUF, AOP and BOI




B. Senior Citizens (80 years or above)

C. Partnership Firms

D. Domestic Companies

E. Foreign Companies

income tax

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Income Tax Slabs Rates

Following income tax rates apply for all incomes except Capital Gains

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals
Total Income (Rs.) Tax Rate (%)
Upto Rs. 200,000* Nil
200,001 to 500,000 10
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 250,000
The category of women below the age of 65 years has been removed

 

B. Tax Rates For Senior Citizens (80 Years Or Above)
Total Income (Rs.) Tax Rate (%)
Upto Rs. 500,000* Nil
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
Surcharge is Nil
Education cess is applicable @ 3% on income tax
Marginal relief may be available

Computation of age – If an individual attains age of 60 or 80 during the year, then his age should be regarded as 60 or 80 as applicable.

C. Tax Rates For For Partnership Firms
Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is Nil
Education cess is applicable @ 3% on income tax

 

D. Tax Rates For Domestic Companies
Tax Rate (%)
Domestic companies are taxable @ 30%
Surcharge is applicable @ 5% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

 

E. Tax Rates For Foreign Companies
Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is applicable @ 2% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

 

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