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Applicable Tax Rates in FY 2012-13 (AY 2013-14) for Individuals and Businesses


income tax ratesThe Slab of Income Tax Rates for FY 2012-13 (AY 2013-14) is to some extent different from that of slab of FY 11-12 (AY 2012-13). In the Budget 2013 announcement the tax slabs has been broadened for men and senior citizens by the Indian finance ministry. The threshold income tax exemption limit for men has been extended to Rs 2, 00,000 which was previously Rs 1,80,000. The same will result in minimum savings of Rs. 2000 in income tax than previous year.

The 20% slab has been expanded and its limit has been moved up from 8 lakhs to 10 lakhs. So, there will be an additional saving of Rs 22000 in tax if your taxable income is Rs 10, 00,000 as compared to previous year. The new and revised income tax slabs and rates applicable for the FY 2012-13 and AY 2013-14:-

 

I.                  Income Tax Slab Rates for Individuals
Male/Female Less Than 60 Year’s Age

Income

Tax Rates Applicable

Upto Rs. 2 Lacs Nil
From Rs. 2 Lacs – Rs. 5 Lacs 10%
From Rs. 5 Lacs – Rs. 10 Lacs 20%
Above Rs. 10 Lacs 30%
Senior Citizen (60 Years and above)

Income

Tax Rates Applicable

   
Upto Rs 2.5 Lacs Nil
From Rs. 2.5 Lacs – Rs. 5 Lacs 10%
From Rs. 5 Lacs – Rs. 10 Lacs 20%
Above Rs. 10 Lacs 30%
Very Senior Citizen (80 years and above)

Income

Tax Rates Applicable

   
Upto Rs 5 Lakhs Nil
From Rs. 5 Lacs – Rs. 10 Lacs 20%
Above Rs. 10 Lacs 30%
II.               Slab For Businesses
For Corporate Society

Income

Tax Rates Applicable

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/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
Where the total income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

Firm/ Local Authority/ Domestic Company

a. Income-tax: Flat 30% of total income.

b. Surcharge: It will not be leviable in case of Firms and Local Authorities. But in case of Domestic Companies if the total income exceeds Rs. 1 Crore then surcharge will be levied @ 5% on the total income tax of Domestic companies.

c. Education Cess: 3% of the total of Income-tax in case of Firm and Local Authority and 3% of the total of Income-tax and Surcharge in case of domestic companies.

Company other than a Domestic Company

a. Income-tax:

  • @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance

b. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 2.5% of such income tax, provided that the total income exceeds Rs. 1 Crore.

c. Education Cess: 3% of the total of Income-tax and Surcharge.

We at Taxmantra.com would be able to help you in filing of tax returns and also other tax related issues. Please feel free to check this page – Income tax return Filing OR call us at +91 88 208208 11OR email us at ‘info@taxmantra.com’

About: 

Alok Patnia founded Taxmantra.com, an expert in tax advisory & compliance. He is a Chartered Accountant having prior exposure with Ernst & Young & KPMG.

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