Income Tax Rates for Assessment Year 2013-14 (Financial Year 2012-13)
Resident Senior Citizen (65 years or more at any time during the financial year)
| Taxable Income |
Tax Payable |
| Upto Rs.240,000 |
NIL |
| From Rs.240,001 to Rs.500,000 |
10% of income above Rs.240,000 |
| From Rs.500,001 to Rs.800,000 |
Rs.26,000 + 20% of income above Rs.500,000 |
| Above Rs.800,000 |
Rs.86,000 + 30% of income above Rs.800,000 |
| Surcharge |
NIL |
| Education Cess |
2% of Total tax payable |
| Secondary & Higher Education Cess |
1% of Total tax payable |
Resident Women/ Female
| Taxable Income |
Tax Payable |
| Upto Rs.190,000 |
NIL |
| From Rs.190,001 to Rs.500,000 |
10% of income above Rs.190,000 |
| From Rs.500,001 to Rs.800,000 |
Rs.31,000 + 20% of income above Rs.500,000 |
| Above Rs.800,000 |
Rs.91,000 + 30% of income above Rs.800,000 |
| Surcharge |
NIL |
| Education Cess |
2% of Total tax payable |
| Secondary & Higher Education Cess |
1% of Total tax payable |
Any other Individuals, HUF, AOP, BOI, AJP, NRI, RNOR
- 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 (Resident but not ordinarily Resident)
| Taxable Income |
Tax Payable |
| Upto Rs.160,000 |
NIL |
| From Rs.160,001 to Rs.500,000 |
10% of income above Rs.160,000 |
| From Rs.500,001 to Rs.800,000 |
Rs.34,000 + 20% of income above Rs.500,000 |
| Above Rs.800,000 |
Rs.94,000 + 30% of income above Rs.800,000 |
| Surcharge |
NIL |
| Education Cess |
2% of Total tax payable |
| Secondary & Higher Education Cess |
1% of Total tax payable |
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 |
NIL |
| Education Cess |
2% of Total tax payable |
| Secondary & Higher Education Cess |
1% of Total tax payable |
Firms & LLPs (Limited Liability Partnerships)
| Taxable Income |
Tax Payable |
| Tax Rate |
30% of taxable income |
| Surcharge |
NIL |
| Education Cess |
2% of Total tax payable |
| Secondary & Higher Education Cess |
1% of Total tax payable |
Domestic Companies
| Taxable Income |
Tax Payable |
| Tax Rate |
30% of taxable income |
| Surcharge (if taxable income exceeds Rs.10,000,000) |
7.5% of total tax payable |
| Education Cess |
2% of (Total tax payable + Surcharge) |
| Secondary & Higher Education Cess |
1% of (Total tax payable + Surcharge) |
Foreign Companies
| Taxable Income |
Tax Payable |
| For Royalties received from Government of India, or an Indian concern in pursuance of an agreement made by it with the Indian concern after 31-Mar-1961 but before 01-Apr-1976, or FEES for rendering technical services in pursuance of an agreement made by it after 29-Feb-1964 but before 01-Apr-1976 and where such agreement has in either case been approved by the central government |
50% of this income |
| Any other taxable income |
40% of taxable income |
| Surcharge (if taxable income exceeds Rs.10,000,000) |
2.5% of total tax payable |
| Education Cess |
2% of (Total tax payable + Surcharge) |
| Secondary & Higher Education Cess |
1% of (Total tax payable + Surcharge) |
Marginal Relief
The net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of "Surcharge limit" by more than the amount of income that exceeds the "Surcharge limit".
Note: Surcharge Limit:
For Firms, Domestic Companies and Foreign Companies (Rs.10,000,000)
