INCOME TAX SLABS FOR 2012-13
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.
I). In case of individual (other than II and III below) and HUF
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Sl . No
|
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/-.
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Rs. 30,000/- + 20% of the amount by which the total income exceeds
Rs.5,00,000/-
|
|
iv
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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 an individual resident who is of
the age of 60 years or more at any time during the previous year:
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Sl . No
|
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/-
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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/-.
|
III). In case of an individual resident who is of the age of 80 years or
more at any time during the previous year:-
|
Sl . No
|
Income Level
|
Income Tax Rate
|
|
i
|
Where the total income does not exceed Rs.5,00,000/-.
|
NIL
|
|
ii
|
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/-.
|
|
iii
|
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/-.
|
NOTE: Education Cess:
3% of the Income-tax.
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