Finance Bill 2012 was introduced in Lok Sabha and presented by our finance minister Sri Pranab Mukherjee on 16th March 2012. The new tax slab rate was proposed but changes are not of much significant.
In this issue we shall be simply try to focus on the new tax slab as proposed by the finance bill 2012 for the AY 2013-14. Basic exemption limit are revised and tax slab for men and senior citizen has been broadened. The threshold income tax exemption limit in AY 2013-14 for men has been revised to Rs 2.00 lacs from previous year i.e. AY 2012-13 limit of Rs. 1.80 lacs. This means that there will be no tax if total income of individual is up to Rs. 2.00 lacs.
Note: Concept of Total Income will be covered in latter post.
In AY 2012-13, 20% slab was for income in between Rs.5 lacs to Rs. 8 lacs, but now it has been widened up to Rs.10.00 lacs instead of Rs. 8.00 lacs.
From above it can be clearly inferred that 30 % Tax slab now will be applicable on the part of total income which is above Rs. 10.00 lacs.
The budget also exempt up to Rs. 10,000.00 of interest income from tax.
There is no change in tax structure for woman and senior citizens.
In new amendment for AY 2013-14, deduction u/s 80CCF for purchase of notified infrastructure bond has been withdrawn.
Income Tax Rate as per Finance Act, 2012 for the FY 2012-13 or AY 2013-14
For Individual, HUF, AOP & BOI
Taxable Income
|
Male (Below 60 Years)
|
Female (Below 60 years)
|
Senior Citizen (60 -80 years )
|
Very Senior Citizen (Above 80 Years)
|
Basic Exemption
|
Rs. 2,00,000
|
Rs. 2,00,000
|
Rs. 2,50,000
|
Rs. 5,00,000
|
Rs. 2,00,001 to Rs. 5,00,000
|
10% over Rs. 2,00,000
|
10% over Rs. 2,00,000
|
10 % over Rs. 2.5 lacs
|
NIL
|
Rs. 5,00,001 to Rs. 10,00,000
|
Rs. 30000 + 20 % over Rs. 5lacs
|
Rs. 30000 + 20 % over Rs. 5lacs
|
Rs. 25,000 + 20% over Rs. 5 lacs
|
20 % over Rs. 5 lacs
|
Over Rs. 10,00,000
|
Rs. 1,30,000 + 30 % over Rs. 10 lacs
|
Rs. 1,30,000 + 30 % over Rs. 10 lacs
|
Rs. 1,25,000 + 30 % over Rs. 10 lacs
|
Rs. 1,00,000 + 30% over Rs. 10 Lacs.
|
Education cess @ 2 % and Higher Education cess 1% will be in addition to above.
Income Tax Rate as per Finance Act, 2011 for the FY 2011-12 or AY 2012-13
For Individual, HUF, AOP & BOI
Taxable Income
|
Male (Below 60 Years)
|
Female (Below 60 years)
|
Senior Citizen (60 years & Above)
|
Very Senior Citizen (80 years & Above)
|
Basic Exemption
|
Rs. 1,80,000
|
Rs. 1,90,000
|
Rs. 2,50,000
|
Rs. 5,00,000
|
Rs. 1,80,001 to Rs. 5,00,000
|
10% over Rs. 1,80,000
|
10% over Rs. 1,90,000
|
10 % over Rs. 2.5 lacs
|
NIL
|
Rs. 5,00,001 to Rs. 8,00,000
|
Rs. 32,000 + 20 % over Rs. 5lacs
|
Rs. 31,000 + 20 % over Rs. 5lacs
|
Rs. 25,000 + 20% over Rs. 5 lacs
|
20 % over Rs. 5 lacs
|
Over Rs. 8,00,000
|
Rs. 92,000 + 30 % over Rs. 8 lacs
|
Rs. 91,000 + 30 % over Rs. 8 lacs
|
Rs. 85,000 + 30 % over Rs. 8 lacs
|
Rs. 60,000 + 30% over Rs. 8 Lacs.
|
No Surcharge, but Education cess @ 2 % and Higher Education cess 1% will be in addition to above.
1 comments:
When start the entrance, and discover me status there looking just as excellent if not even better than my image, rest slowly and relax! You will know immediately from my heated helpful grin, you are in for enough duration of your life! I am down to world, with a truly calm characteristic, but LOVE amorous mature fun! I have always been accented on my fizzy character, I really like to have a excellent laugh, and create others have a excellent laugh too. After all it is the best medicine! I always take proper myself, I am very fresh and fit, and it is a unusual event that you will not discover me in the best of emotions. Individuals often ask me why I am in this company, and my response is that I am a organic pleaser, and why not discuss this unique present with others? So if you are in the feelings for some eye-catching love and attention and a few fun with a gal who's separate, eye-catching and will truly be the best aspect of your day or evening.
http://nikitaroy.escortfiles.com/
Post a Comment