Income Tax Rates For Financial Year 2011-2012 i.e., Asst. Year 2012-2013

 


I. In case of Men Less than 60 yrs. and HUF :

 

 

Income Level

Tax Amount (At Normal Rate)

i.

If the total taxable income does not exceed Rs.1,80,000/-.

(or)

Total Income <= 1,80,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

If the total income exceeds Rs.1,80,000/- but does not exceed Rs.5,00,000/-.

(or)

1,80,000 < Total Income <= 5,00,000

10% of amount by which the total taxable income exceeds Rs. 1,80,000/-

(or)

Gross Tax Liability = (Total Income-1,80,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.

(or)

If 5,00,000 <Total Income <= 8,00,000

Rs. 32,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.

(or)

Gross Tax Liability = 32,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.8,00,000/-.

(or)

Total Income>8,00,000

Rs. 94,000/- + 30% of the amount by whic2 the total taxable income exceeds Rs.8,00,000/-.

(or)

Gross Tax Liability =92 ,000 + [ (Total Income-8,00,000)*0.3]

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II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

 

 

Income Level

Income Tax Rate

i.

If the total income does not exceed Rs.1,90,000/-.

(or)

Total Income <= 1,90,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

If total taxable income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.

(or)

1,90,000 < Total Income <= 5,00,000

10% of the amount by which the total taxable income exceeds Rs.1,90,000/-.

(or)

Gross Tax Liability = (Total Income-1,90,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.

(or)

5,00,000 <Total Income <= 8,00,000

Rs. 31,000- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.

(or)

Gross Tax Liability = 31,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.8,00,000/-

(or)

Total Income>8,00,000

Rs.91,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-.

(or)

Gross Tax Liability = 91,000 + [ (Total Income-8,00,000)*0.3]

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III. In case of an Individual Resident who is of the age of 60 or more but less than 80 yrs at any time during the previous year:-

 

Income Level

Income Tax Rate

i.

Where the total taxable income does not exceed Rs.2,50,000/-.

(or)

Total Income <= 2,50,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

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

(or)

2,50,000 < Total Income <= 5,00,000

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

(or)

Gross Tax Liability = (Total Income-2,50,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-

(or)

5,00,000 <Total Income <= 8,00,000

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

(or)

Gross Tax Liability = 25,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.8,00,000/-

(or)

Total Income>8,00,000

Rs.85,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-.

(or)

Gross Tax Liability = 85,000 + [ (Total Income-8,00,000)*0.3]

 

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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 taxable income does not exceed Rs.500,000/-.

(or)

Total Income <= 5,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

iii.

If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-

(or)

If 5,00,000 <Total Income <= 8,00,000

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

(or)

Gross Tax Liability = (Total Income-5,00,000)*0.2

iv.

If the total taxable income exceeds Rs.8,00,000/-

(or)

Total Income>8,00,000

60,000/- + 30% of the amount by which the total taxable income exceeds Rs.8,00,000/-.

(or)

Gross Tax Liability =60 ,000 + [ (Total Income-8,00,000)*0.3]

 Net Tax Liability = (Gross Tax Liability) x 103% (i.e., 1% and 2% of Education and Secondary and Higher Education Cess resp.)

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Surcharge: No Surcharge on Income Tax for the above cases

Education Cess:2% of the Income-tax calculated above

Secondary and Higher Education Cess:1% of the Income Tax calculated above

THE SUM OF THE ABOVE TAX CALUCULATED AT NORMAL RATE, EDUCATION CESS AND SECONDARY AND HIGHER EDUCATION CESS IS THE TAX LIABILITY

Dilip Kumar

+Dilip Kumar (Author and Editor of The Tax Info) is a CA Student from Hyderabad, Loves Blogging on Tax related matter.

You can Subscribe for his updates on Facebook & Google+

 

2 thoughts on “Income Tax Rates For Financial Year 2011-2012 i.e., Asst. Year 2012-2013

  • October 20, 2012 at 4:42 pm
    Permalink

    can you inform to me when the tds,vat.etc of last date

    Reply
  • January 30, 2012 at 2:04 pm
    Permalink

    fantastic…….

    Reply

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