Rates of income tax for assessment year 2012-13
The following are the income tax rates for assessment year 2012-13. These will be applicable for all financial transactions done in the financially year 2011-12
Rates of income tax for assessment year 2012-13 | ||
| Rates of income tax for assessment year 2012-13 for Resident Senior Citizens above 60 years (FY 2011-12) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income tax rates for assessment year 2012-13 for Resident Senior Citizens above 80 years (FY 2011-12) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 8,00,000 | 20% |
| 3 | Above 8,00,000 | 30% |
| Income tax rates for assessment year 2012-13 for Resident Women (below 60 years) (FY 2011-12) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income tax rates for assessment year 2012-13 Others & Men (FY 2011-12) | ||
| 1 | Up to Rs 1,80,000 | No tax / exempt |
| 2 | 1,80,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
For normal category Income tax rates for assessment year 2012-13 , the simple calculation is as follows
- Taxable Income in 10% slab (less than Rs 5,00,000) maximum tax will be Rs 32000
- Taxable Income in 20% slab (less than Rs 8,00,000) maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
- Taxable Income in 30% slab (above to Rs 8,00,000) minimum tax will be Rs 92000
Education and other cess will be in addition to this as per the income tax rules for assessment year 2012-13
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surcharge is applicable for AY 11-12 or not and % of surcharge ?
Please let me know whether I will also required to pay education and other cess on income tax eventhough I am 62 ( Senior Citizen ).
Sir,
Every year salaried persons eargerly await budget proposals. However this anxiosity is lost with the proposed DTC introduction from 2012-13. However the proposals advanced by Govt. when the Indian Economy was at its best during 2009 to be implemented in 2012-13 is far from satisfaction. Though the basic limit is exempted upto Rs.2 lakhs, there is nothing new to offer to the salaried persons upto Rs.8 lacs. Hence, I would earnestly request the FM to seriously consider extending the following benefits in order to mitigate the hardship being faced by the middle class salaried persons.
Basic exemption limit(due to high inflation and rupee depreciation Rs.2,25,000/-
Savings without segregation of NSC, PPF, LIC, Infra/bonds Rs.1,50,000/-
Income tax slabs First 2.25 to 6.00 ….10%
Second 6.00 to 10.00 …20%
Third Above10.00 …30%
Kindly consider the above atleast to mitigate the hardship
Thanks
Dear Sir,
In case total income from all sources including salary is less than 5 lac, kindly confirm i spouse to file return after obtaining 16 from DDO for FY 2011-12 Assessment year 2012-13.
Earnestly.
Ravinder Singh Pathania
HP
13 Dec 2011
if savings in PPf is 70,000 and other savings 30,000 and gross salary is Rs5,00,000 then what is the income tax in the current year.