Income Tax Rates For Financial Year 2012-2013 i.e., Asst. Year 2013-2014

 

 


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.2,00,000/-.

(or)

Total Income <= 2,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

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

(or)

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

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

(or)

Gross Tax Liability = (Total Income-2,00,000)*0.1

iii.

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

(or)

If 5,00,000 <Total Income <= 10,00,000

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

(or)

Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/-.

(or)

Total Income>10,00,000

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

(or)

Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*0.3]

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Read Also: Here is the procedure on how to File Income Tax Return online

 

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 Tax Amount (At Normal Rate)

i.

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

(or)

Total Income <= 2,00,000

NIL

(or)

Gross Tax Liability = Nil or “0”

ii.

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

(or)

2,00,000 < Total Income <= 5,00,000

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

(or)

Gross Tax Liability = (Total Income-2,00,000)*0.1

iii.

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

(or)

If 5,00,000 <Total Income <= 10,00,000

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

(or)

Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/-.

(or)

Total Income>10,00,000

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

(or)

Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*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.10,00,000/-

(or)

5,00,000 <Total Income <= 10,00,000

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.10,00,000/-

(or)

Total Income>10,00,000

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

(or)

Gross Tax Liability = 1,25,000 + [ (Total Income-10,00,000)*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.10,00,000/-

(or)

If 5,00,000 <Total Income <= 10,00,000

20% of the amount by which the total taxable income exceeds Rs.10,00,000/-.

(or)

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

iv.

If the total taxable income exceeds Rs.10,00,000/-

(or)

Total Income>10,00,000

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

(or)

Gross Tax Liability =1,00,000 + [ (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+

 

4 thoughts on “Income Tax Rates For Financial Year 2012-2013 i.e., Asst. Year 2013-2014

  • March 31, 2013 at 7:20 pm
    Permalink

    Hi, your articles really grateful
    Please email me the statutory due date chart for the FY 2013-14 in moinkhan685@gmail.com
    Thanks,
    moin

    Reply
  • February 11, 2013 at 9:06 pm
    Permalink

    I would like to know if savings bank interest upto Rs. 10000/- is taxable or not for FY ending 31.3.2013

    If mediclaim premium of Rs. 9566/- and payments made by me during the year for EGC and other tests is exempt if total amount under 80D does not exceed 15000/-

    Reply
  • August 8, 2012 at 10:14 pm
    Permalink

    can a tax prayer get enjoy infrastructure bond under 80d and health policy under 80ccf for assessment year 2013-14 ?

    Reply
    • August 12, 2012 at 11:17 pm
      Permalink

      Investment in Infrastructure Bond u/s 80 CCF will cease to exist from A Y 2013-2014 i.e., Financial Year 2012-2013… So there will not be any deduction if you invest in Infrastructure bonds

      But Medical Health policy u/s 80D will still exist for Deduction in the said Financial Year

      Reply

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