Monday, August 19, 2013

Income Tax Slabs

Income Tax Slabs Rates for Financial Year 2012-13 i.e. A/Y 2013-14 as announced in the Union Budget 2012 by the Finance Minister Pranab Mukherjee can be divided into following Categories
A.INDIVIDUALS & HUF
  1. For Male Individuals below 60 Years of Age and HUF
  2. For Female Individuals below 60 Years of Age
  3. For all Senior Citizen above 60 years of Age
  4. For all Super Senior Citizen above 80 years of Age
B. BUSINESSES
  1. Co-operative Society
  2. Firms, Local Authority & Domestic Company
The Income Tax Slab is the same for the Financial Year 2012-13 (A/Y 2013-14) as well as Financial Year 2013-14 (A/Y 2014-15) except for the fact that for the Financial Year 2013-14, a tax credit of Rs. 2,000 is being given to those earning less than Rs. 5,00,000 per annum. The following Income Tax Slab Rates apply for all incomes except Capital Gains

INCOME TAX SLABS RATES

A. FOR INDIVIDUALS & HUF
The following Income Tax Rates are applicable for the Financial Year 2012-13 i.e. A/Y 2013-14. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.
1. For Male Individuals below 60 years of age & HUF
Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000 NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

2. For Female Individuals below 60 years of Age
Income Tax Slabs for Males and Females are the same for the financial year 2012-13 i.e.
Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2,00,000 NIL
Where the Total Income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

3. For all Senior Citizens above 60 years of Age
Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000 NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

4. For all Senior Citizens above 80 Years of Age
Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000 NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

Computation of Age
If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.
After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.
income tax slabs Income Tax Slabs: Rates for Financial Year 2012 13 (A/Y 2013 14)
B. SLABS FOR BUSINESS
The following Income Tax Slab Rates shall be applicable for the Assessment Year 2013-14 i.e Previous Year 2012-13. Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.
1. For Co-operative Society
Income Tax Slabs Income Tax Rates
Where the Total Income does not exceed Rs. 10,000 10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000 20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000 30% of the Amount by which it exceeds Rs. 20,000

2. For Firms, Local Authority and Domestic Company
Income Tax Slabs Rates wont apply in this case and Tax @ 30% flat shall be computed on the Total Income. Surcharge shall not be levied on Income of Firms and Local Authorities but shall be levied on the Total Income Tax of Domestic Companies @ 5% provided that the Total Income of the Domestic Company exceeds Rs. 1 Crore

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