Income Tax- Rates of Income Tax as per Finance Act, 2012 for F.Y. 2012-13

RATES OF INCOME-TAX AS PER FINANCE ACT, 2012:
As per the Finance Act, 2012, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates:
Rates of tax
A. Normal Rates of tax:
Sl. No.
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,00,000/-.
Nil
2
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.
10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,50,000/-.
Nil
2
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.
10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 5,00,000/-.
Nil
2
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-.
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.

Popular posts from this blog

e-TDS : - TDS on Rent under code 4IA or 4IB

Jain:- e-booking of Room for Digambar Jain Atishay Kshetra, Karauli , Rajasthan

How to convert .rpt files to .xls