Income Tax Structure for the year 2012-13 (Assessment Year 2013-14)
The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14) have been revised. The following is the New Income Tax structure for the year 2012-13.
In case of individual (other than II and III below) and HUF
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,00,000/- |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/-. | Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of the amount by which the total income exceeds Rs.2,00,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total income exceeds Rs.2,50,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
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 income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | Nil |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
- Education Cess: 3% of the Income-tax.
- New Rs 50,000 tax exemption for retail equity investments
- Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
- Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
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