Income Tax Rates

Income Tax Rates

FINANCIAL YEAR 2012-13 (ASSESSMENT YEAR 2013-14)

Resident Very Senior Citizens Local Authority
Resident Senior Citizens Firms & LLPs
Resident Women/ Female Domestic Companies
Any other Individuals, HUF, AOP, BOI, AJP Foreign Companies
Co-operative Society Marginal Relief

 

Resident Very Senior Citizen (80 years or more at any time during the financial year)
Taxable Income Tax Payable
Upto Rs. 500,000 NIL
From Rs. 500,001 to Rs.1000,000 20% of income above Rs.500,000
Above Rs.1000,000 Rs.100,000 + 30% of income above Rs.1000,000
Surcharge (if taxable income exceeds Rs.1,00,00,000) 10% of Income Tax
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of  (Total tax payable + Surcharge)

 

Resident Senior Citizen(60 years or more at any time during the financial year)
Taxable Income Tax Payable
Upto Rs. 2,50,000 NIL
From Rs. 2,50,001 to Rs.5,00,000 10% of income above Rs.250,000
From Rs. 5,00,001 to Rs.10,00,000 Rs.25,000 + 20% of income above Rs.500,000
Above Rs.10,00,000 Rs.125,000 + 30% of income above Rs.1000,000
Surcharge (If taxable income exceeds Rs.1,00,00,000) 10% of Income Tax
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of  (Total tax payable + Surcharge)

 

Resident Women / Female
Taxable Income Tax Payable
Upto Rs.200,000 NIL
From Rs.200,001 to Rs.500,000 10% of income above Rs.200,000
From Rs.500,001 to Rs.1000,000 Rs.25,000 + 20% of income above Rs.500,000
Above Rs.1000,000 Rs.125,000 + 30% of income above Rs.1000,000
Surcharge (if taxable income exceeds Rs.10,000,000) 10% of Income Tax
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of (Total tax payable + Surcharge)

 

Any other Resident Individual, any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resdient but not ordinarily Resident)

Taxable Income Tax Payable
Upto Rs.200,000 NIL
From Rs.200,001 to Rs.500,000 10% of income above Rs.200,000
From Rs.500,001 to Rs.1000,000 Rs.25,000 + 20% of income above Rs.500,000
Above Rs.1000,000 Rs.125,000 + 30% of income above Rs.1000,000
Surcharge (if taxable income exceeds Rs.10,000,000) 10% of Income Tax
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of  (Total tax payable + Surcharge)

 

Co-operative Society
Taxable Income Tax Payable
Upto Rs.10,000 10%
From Rs.10,001 to Rs.20,000 Rs.1,000 + 20% of income above Rs.10,000
Above Rs.20,000 Rs.3,000 + 30% of income above Rs.20,000
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

Local Authorities
Taxable Income Tax Payable
Tax Rate 30% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000) 10% of Income Tax
Education Cess 2% of  (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of  (Total tax payable + Surcharge)

 

Firms & LLPs (Limited Liability Partnerships)
Taxable Income Tax Payable
Tax Rate 30% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000) 10% of Income Tax
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess  

 


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