Rates of Income Tax
ASSESSMENT YEAR 2012-2013RELEVANT TO FINANCIAL YEAR 2011-2012 |
| I TAX RATES FOR INDIVIDUALS OTHER THAN II, III & IV BELOW | |||
|---|---|---|---|
| Upto 1,80,000 | Nil | ||
| 1,80,000 to 5,00,000 | 10% of the amount exceeding 1,80,000 | ||
| 5,00,000 to 8,00,000 | Rs.32,000 + 20% of the amount exceeding 5,00,000 |
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| 8,00,000 & above | Rs.92,000 + 30% of the amount exceeding 8,00,000 |
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II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS
| Upto 1,90,000 | Nil | ||
| 1,90,000 to 5,00,000 | 10% of the amount exceeding 1,90,000 | ||
| 5,00,000 to 8,00,000 | Rs.31,000 + 20% of the amount exceeding 5,00,000 |
||
| 8,00,000 & above | Rs.91,000 + 30% of the amount exceeding 8,00,000 |
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III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR CITIZEN)
| Upto 2,50,000 | Nil | ||
| 2,50,000 to 5,00,000 | 10% of the amount exceeding 2,50,000 | ||
| 5,00,000 to 8,00,000 | Rs.25,000 + 20% of the amount exceeding 5,00,000 |
||
| 8,00,000 & above | Rs.85,000 + 30% of the amount exceeding 8,00,000 |
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IV TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YRS AND ABOVE (VERY SENIOR CITIZEN)
| Upto 5,00,000 | Nil | ||
| 5,00,000 to 8,00,000 | 20% of the amount exceeding 5,00,000 | ||
| 8,00,000 & above | Rs.60,000 + 30% of the amount exceeding 8,00,000 |
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There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals.
EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
Assessment year |
Rate |
Resident woman |
Resident Sr citizen |
General/others |
Nil |
Up to 190000 |
Up to 240000 |
Up to 160000 |
|
10% |
190000-500000 |
240000-500000
|
160000-500000
|
|
20% |
500000-800000 |
500000-800000
|
500000-800000
|
|
30% |
Above 800000 |
Above 800000
|
Above 800000
|
|
Surcharge: NIL |
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Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess) |
||||
Nil
|
Up to 190000
|
Up to 240000
|
Up to 160000
|
|
10%
|
190000-300000
|
240000-300000
|
160000-300000
|
|
20%
|
300000-500000
|
300000-500000
|
300000-500000
|
|
30%
|
Above 500000
|
Above 500000
|
Above 500000
|
|
Surcharge: NIL
|
||||
Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess)
|
||||
Nil
|
Up to 180000
|
Up to 225000
|
Up to 150000
|
|
10%
|
180000-300000
|
225000-300000
|
150000-300000
|
|
20%
|
300000-500000
|
300000-500000
|
300000-500000
|
|
30%
|
Above 500000
|
Above 500000
|
Above 500000
|
|
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
|
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Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)
|
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Nil
|
Up to 145000
|
Up to 195000
|
Up to 110000
|
|
10%
|
145000-300000
|
195000-300000
|
110000-300000
|
|
20%
|
300000-500000
|
300000-500000
|
300000-500000
|
|
30%
|
Above 500000
|
Above 500000
|
Above 500000
|
|
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
|
||||
Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)
|
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2006-07 and
|
Nil
|
Up to 135000
|
Up to 185000
|
Up to 100000
|
10%
|
135000-300000
|
185000-300000
|
100000-300000
|
|
20%
|
300000-500000
|
300000-500000
|
300000-500000
|
|
30%
|
Above 500000
|
Above 500000
|
Above 500000
|
|
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
|
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Cess: 2% on Income Tax & surcharge (2 % education cess )
|
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