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Income Tax Rates for Financial Year 2012-13

Income Tax Rates for Financial Year 2012-13 (Assessment Year 2013-14)

  • Income Tax Rate for Individuals, Hindu Undivided Family and AOP/BOI.

(1). Individual (excluding senior citizens covered under clause 2 or 3), HUF & AOP/BOI.
Income Slabs
Rate
Up to 200,000Nil
200,001 to 500,00010%
500,001 to 1,000,00020%
Above 1,000,00030%

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

 

(2). Individual (Senior Citizen with the age of 60 years or more but less than 80 years).
Income Slabs
Rate
Up to 250,000Nil
250,001 to 500,00010%
500,001 to 1,000,00020%
Above 1,000,00030%

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

 

(3). Individual (Senior Citizen with the age of 60 years or more but less than 80 years).
Income Slabs
Rate
Up to 500,000Nil
500,001 to 1,000,00020%
Above 1,000,00030%

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

Note: Surcharge and Marginal relief is applicable to all above Individual, HUF and AOP/BOI if total Income exceeds Rs.10,000,000.

Surcharge on Income Tax: 10% if total taxable income exceeds Rs.10,000,000.

Marginal relief: The amount of Tax and Surcharge shall not increase the amount of tax payable on a total income of Rs.10,000,000 by more than the amount of increase in taxable income.

  • Income Tax Rates for Co-operative Society

Income Slabs
Rate
Up to 10,00010%
10,001 to 20,00020%
Above 20,00030%

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

Note: Surcharge and Marginal relief is applicable to all Co-operatvie Society if total Income exceeds Rs.10,000,000.

Surcharge on Income Tax: 10% if total taxable income exceeds Rs.10,000,000.

Marginal relief: The amount of Tax and Surcharge shall not increase the amount of tax payable on a total income of Rs.10,000,000 by more than the amount of increase in taxable income.

 

  • Income Tax Rates for a domestic company

Income Tax Rate: 30% on Total Income.

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

Surcharge on Income Tax: 5% if total income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore. 10% if total income exceeds Rs. 10 crore.

Marginal relief: Available for both the slabs of Surcharge.

 

  • Income Tax Rates for a foreign company

Income Tax Rate: 40% on Total Income.

(Education Cess @ 2% and Secondary and Higher Education Cess (SHEC) @ 1% on total Income Tax).

Surcharge on Income Tax: 2% if total income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore. 5% if total income exceeds Rs. 10 crore.

Marginal relief: Available for both the slabs of Surcharge.

 

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