Income tax department has issued a circular about tds on salary and all the aspects of income tax on salary, different circulars and notifications, forms, deduction on salary etc. This is the income tax slabs for financial year 2012-13 and the analysis year 2013-14. There are three?categories in income tax slabs which is for individual, senior citizen and senior citizen with the age of 80 years and more. Full income tax slabs , education cess, surcharge and higher education cess??for financial year 2012-13 are as follows.
?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:A. Normal Rates of tax:
| Where the total income does not exceed Rs. 2,00,000/-. | |
| 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/- |
| 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/-. |
| 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:
| Where the total income does not exceed Rs. 2,50,000/-. | ||
| 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/- | |
| 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/-. | |
| 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:
| Where the total income does not exceed Rs. 5,00,000/-. | ||
| 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/- | |
| 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/- |
2.2 Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
2.3.1 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.
2.3.2 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.
Tags-income tax slabs,income tax slabs for financial year 2012-13,income tax slabs for ay 2013-14,income tax slabs for 12-13,income tax slabs for ay 13-14,education cess on income tax,surcharge on income tax,higher education cess on income tax
Related Posts : INCOME TAX
Source: http://www.taxalertindia.com/2012/10/income-tax-rates-for-financial-year.html
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