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Wednesday, June 15, 2011

Income Tax Rates for the A.Y.2012-13




From April 1, 2011 new tax slabs apply, which are as follows:
F.Y.2011-12 (A.Y.2012-13)

a) Individuals, HUF’s, AOPs, BOIs

For Resident Women (Age limit = below 60 years)
Up to Rs 1,90,000
NIL
Rs 1,90,001 to Rs 5,00,000
10 per cent
Rs 5,00,001 to Rs 8,00,000
20 per cent
Rs 8,00,000 and above
30 per cent

For Resident Senior Citizens (Age limit =  60 years or more at any time during the year but not more than 80 years on the last day of the year)
Up to Rs 2,50,000
NIL
Rs 2,50,001 to Rs 5,00,000
10 per cent
Rs 5,00,001 to Rs 8,00,000
20 per cent
Rs 8,00,000 and above
30 per cent


For Resident Super Senior Citizens (Age Limit = 80 years or more at any time during the  year)
Up to Rs 5,00,000
NIL
Rs 5,00,001 to Rs 8,00,000
20 per cent
Rs 8,00,000 and above
30 per cent


For any other individual, every HUF /AOP / BOI artificial juridical person
Up to Rs 1,80,000
NIL
Rs 1,80,001 to Rs 5,00,000
10 per cent
Rs 5,00,001 to Rs 8,00,000
20 per cent
Rs 8,00,001 and above
30 per cent
 

b) Partnership Firms
                        Income Tax Rate = 30 %
                        Education Cess @ 3%

c) Corporate Income Tax

            1. For Domestic companies

                        Income Tax Rate = 30 %
                        Surcharge @ 5% (If gross turnover of company exceeds Rs. 1 Crore)
                        Education Cess @ 3%

            2. For Foreign Companies

                        Income Tax Rate = 40 %
                        Surcharge @ 2% (If gross turnover of company exceeds Rs. 1 Crore)
                        Education Cess @ 3%

 d) Co-operative Societies

             The Following rates are applicable to a co-operative society

Net Income Range
Rate of Income Tax
Up to Rs 10,000
10 per cent
Rs 10,000 to Rs 20,000
20 per cent
Rs 20,000 and above
30 per cent

Education cess @ 3% on total tax is also payable.

 

e) Local Authorities
For Local authorities, Income is taxed at a flat rate of 30%. An education cess of 3% is payable on the tax, yielding effective tax rate of 30.90%.


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