INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2012-13

(ASSESSMENT YEAR 2013-14)

For Male Individuals below 60 years (Resident of India)

INCOME   TAX RATES    
UP TO 200000

0

200001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess @ 2% on Income Tax Payable
Add: Secondary & Higher Education Cess @ 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Illustration:
Total Taxable Income of Mr. X for Financial Year 2012-13 is Rs.1200000/=
Calculate Income Tax Payable. Mr. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 200000

200000

0

0

200001 to 500000

300000

10%

30000

500001 to 1000000

500000

20%

100000

1000001 to 1200000

200000

30%

60000

TOTAL

1200000

190000

Income Tax

190000

Add:E.C. @ 2%

3800

Add: S&HEC @ 1%

1900

Total Tax Payable

195700

   

For Women below 60 years (Resident of India)

INCOME TAX RATES
UP TO 200000

0

200001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess @ 2% on Income Tax Payable
Add: Secondary & Higher Education Cess @ 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Illustration:
Total Taxable Income of Mrs. X for Financial Year 2012-13 is Rs.1400000/=
Calculate Income Tax Payable. Mr. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 200000

200000

0

0

200001 to 500000

300000

10%

30000

500001 to 1000000

500000

20%

100000

1000001 to 1200000

400000

30%

120000

TOTAL

1400000

250000

Income Tax

250000

Add:E.C. @ 2%

5000

Addd: S&HEC @ 1%

2500

Total Tax Payable

257500

For Senior Citizens – Age between 60 and 80 years (Resident of India)
INCOME TAX RATES
UP TO 250000

0

250001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess @ 2% on Income Tax Payable
Add: Secondary & Higher Education Cess @ 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Senior Citizen means every individual, who is of the age of
sixty years or more but less than eighty years at any time during the
financial year 2012-13 (Assessment Year 2013-14)

For Very Senior Citizens – Age 80 years and above (Resident of India)

INCOME TAX RATES
UP TO 500000

0

500001 TO 1000000

20%

1000001 and above

30%

Add: Education Cess @ 2% on Income Tax Payable
Add: Secondary & Higher Education Cess @ 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Very Senior Citizen means every individual, who is of the age of
eighty years or more at any time during the
financial year 2012-13 (Assessment Year 2013-14)

 

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