Saturday 2 June 2012

INCOME TAX SLAB FOR FY 2012-13 OR AY 2013-14

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In new amendment for AY 2013-14, deduction u/s 80CCF for purchase of notified infrastructure bond has been withdrawn.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.

 

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