A.Kumar
(Chartered Accountants)
(27 Points)
Replied 09 June 2012
The Income Tax Rates for FY 2012-13; AY 2013-14 is wrong. The correct rates are:
| Individual | upto 2 lakhs | 200000 to 500000 | 500000 to 1000000 | above 1000000 |
|
Sr.Citizen (60~80 yrs)
|
upto 250000 | 250010 to 500000 | 500010 to 1000000 | above 1000000 |
| Very Sr.Citizen(above 80 years) | upto 500000 | ****************** | 500010 to 1000000 | above 1000000 |
| Tax rates | nil | 10% | 20% | 30% |
A.Kumar FCA
Jatin
(Proprietor)
(39 Points)
Replied 19 June 2012
Is it correct that the age of senior citizen is increased to 65 years.. i have a doubt on that.... please clarify..
Prateek Anand
(Service)
(26 Points)
Replied 22 July 2012
All info belowis related to A.Y 2013-14 -
The age limit for Senior citizen is 60 yrs and above and for very senior citizen is 80 yrs and above.
Also the Corporates have to pay surcharge @ 5 % (Domestic Co.)
@ 2% (Foreign Co.)
Further Edu Cess and SHEC @ 2 % and 1 %, resp will be charges on the total tax for corporates as well.
The above are only few correction made in the A. Y 2013-14 rates, for full details kinldy refer the Finance Act, 2012 below.
Prateek Anand
(Service)
(26 Points)
Replied 22 July 2012
All info below is related to A.Y 2013-14 -
The age limit for Senior citizen is 60 yrs and above and for very senior citizen is 80 yrs and above.
Also the Corporates have to pay surcharge @ 5 % (Domestic Co.)
@ 2% (Foreign Co.)
Further Edu Cess and SHEC @ 2 % and 1 %, resp will be charged on the total tax for corporates as well.
The above are only few corrections made in the A. Y 2013-14 rates, for full details kindly refer the Finance Act, 2012 below.
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 17 August 2012
| Originally posted by : Member (Account Deleted) | ||
 |
Income Tax Slab for Financial Year 2012-13 Assessment Year 2013-14 Tax Man Women Senior Citizen Rate (In Rupees) (In Rupees) (In Rupees) 1 0.00% Upto 2,00,000 Upto 2,00,000 Upto 2,50,000 2 10.00% 2,00,001 to 5,00,000 2,00,001 to 5,00,000 2,50,001 to 5,00,000 3 20.00% 5,00,001 to 10,00,000 5,00,001 to 10,00,000 5,00,001 to 10,00,000 4 30.00% Above 10,00,000 Above 10,00,000 Above 10,00,000 Note :- 1) Surcharge is Nil and 3% Cess will be charged on Above Tax 2) Age of Senior Citizen is = 65 Years 3) Corporate Tax will be 30% and surcharge and cess will be Nil. 4) Befnefit of Rs. 1.50 Lakh for Interest on Housing Loan will be continued Above Tax Slab will be applicable w.e.f. 01.04.2012 Income Tax Slab for Financial Year 2011-12 Assessment Year 2012-13 Tax Man Women Senior Citizen Senior Citizen Age =>60 and < 80 Age => 80 Rate (In Rupees) (In Rupees) (In Rupees) (In Rupees) 1 0.00% Upto 1,80,000 Upto 1,90,000 Upto 2,50,000 Upto 5,00,000 2 10.00% 1,80,001 to 5,00,000 1,90,001 to 5,00,000 2,50,001 to 5,00,000 3 20.00% 5,00,001 to 8,00,000 5,00,001 to 8,00,000 5,00,001 to 8,00,000 5,00,001 to 8,00,000 4 30.00% Above 8,00,000 Above 8,00,000 Above 8,00,000 Above 8,00,000 Income Tax Slab for Financial Year 2011-12 Assessment Year 2012-13 Note :- 1) Surcharge is Nil and 3% Cess will be charged on Above Tax 2) Age of Senior Citizen is = 60 Years Income Tax Rates/Slabs for A.Y. (2011-12) Slab (Rs.) Tax (Rs.) less than 1,60,000 Nil 1,60,000 to 5,00,000 (TI – 1,60,000) * 10% 5,00,000 to 8,00,000 34,000 + (TI – 5,00,000) * 20% Greater than 8,00,000 94,000 + (TI – 8,00,000) * 30% Women aged 65 years or less Slab (Rs.) Tax (Rs.) less than 1,90,000 Nil 1,90,000 to 5,00,000 (TI – 1,90,000) * 10% 5,00,000 to 8,00,000 31,000 + (TI – 5,00,000) * 20% Greater than 8,00,000 91,000 + (TI – 8,00,000) * 30% Senior Citizens (Individuals aged above 65 years) Slab (Rs.) Tax (Rs.) less than 2,40,000 Nil 2,40,000 to 5,00,000 (TI – 2,40,000) * 10% 5,00,000 to 8,00,000 26,000 + (TI – 5,00,000) * 20% Greater than 8,00,000 86,000 + (TI – 8,00,000) * 30% Income Tax Rates/Slabs for A.Y. (2010-11) Slab (Rs.) Tax (Rs.) less than 1,60,000 Nil 1,60,000 to 3,00,000 (TI – 1,60,000) * 10% 3,00,000 to 5,00,000 14,000 + (TI – 3,00,000) * 20% Greater than 5,00,000 54,000 + (TI – 5,00,000) * 30% Women aged 65 years or less Slab (Rs.) Tax (Rs.) less than 1,90,000 Nil 1,90,000 to 3,00,000 (TI – 1,90,000) * 10% 3,00,000 to 5,00,000 11,000 + (TI – 3,00,000) * 20% Greater than 5,00,000 51,000 + (TI – 5,00,000) * 30% Senior Citizens (Individuals aged above 65 years) Slab (Rs.) Tax (Rs.) less than 2,40,000 Nil 2,40,000 to 3,00,000 (TI – 2,40,000) * 10% 3,00,000 to 5,00,000 6,000 + (TI – 3,00,000) * 20% Greater than 5,00,000 46,000 + (TI – 5,00,000) * 30% Income Tax Rates/Slabs for A.Y. (2009-10) Slab (Rs.) Tax (Rs.) less than 1,50,000 Nil 1,50,000 to 3,00,000 (TI – 1,50,000) * 10% 3,00,000 to 5,00,000 15,000 + (TI – 3,00,000) * 20% Greater than 5,00,000 55,000 + (TI – 5,00,000) * 30% Women aged 65 years or less Slab (Rs.) Tax (Rs.) less than 1,80,000 Nil 1,80,000 to 3,00,000 (TI – 1,80,000) * 10% 3,00,000 to 5,00,000 12,000 + (TI – 3,00,000) * 20% Greater than 5,00,000 52,000 + (TI – 5,00,000) * 30% Senior Citizens (Individuals aged above 65 years) Slab (Rs.) Tax (Rs.) less than 2,25,000 Nil 2,25,000 to 3,00,000 (TI – 2,25,000) * 10% 3,00,000 to 5,00,000 7,500 + (TI – 3,00,000) * 20% Greater than 5,00,000 47,500 + (TI – 5,00,000) * 30% Income Tax Rates/Slabs for A.Y. (2008-09) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) less than 1,10,000 Nil Nil 1,10,000 to 1,50,000 (TI – 1,10,000) * 10% 10% 1,50,000 to 2,50,000 4,000 + (TI – 1,50,000) * 20% 10% Greater than 2,50,000 24,000 + (TI – 2,50,000) * 30% 10% Women aged 65 years or less Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) (Rs.) less than 1,45,000 Nil Nil 1,45,000 to 1,50,000 (TI – 1,45,000) * 10% 10% 1,50,000 to 2,50,000 500 + (TI – 1,50,000) * 20% 10% Greater than 2,50,000 20,500 + (TI – 2,50,000) * 30% 10% Senior Citizens (Individuals aged above 65 years) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) (Rs.) less than 1,95,000 Nil Nil 1,95,000 to 2,50,000 (TI – 1,95,000) * 20% 10% Greater than 2,50,000 11,000 + (TI – 2,50,000) * 30% 10% Education Cess has to be added on Income-tax and Surcharge @ 2% from AY 2004-05 and 3% from AY 2007-08 Income Tax Rates/Slabs for A.Y. (2006-07 & 2007-08) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) less than 1,00,000 Nil Nil 1,00,000 to 1,50,000 (TI – 1,00,000) * 10% 10% 1,50,000 to 2,50,000 5,000 + (TI – 1,50,000) * 20% 10% Greater than 2,50,000 25,000 + (TI – 2,50,000) * 30% 10% Women aged 65 years or less Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) (Rs.) less than 1,35,000 Nil Nil 1,35,000 to 1,50,000 (TI – 1,35,000) * 10% 10% 1,50,000 to 2,50,000 1,500 + (TI – 1,50,000) * 20% 10% Greater than 2,50,000 21,500 + (TI – 2,50,000) * 30% 10% Senior Citizens (Individuals aged above 65 years) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (if TI > Rs. 10 Lakhs) (Rs.) less than 1,85,000 Nil Nil 1,85,000 to 2,50,000 (TI – 1,85,000) * 20% 10% Greater than 2,50,000 13,000 + (TI – 2,50,000) * 30% 10% Income Tax Rates/Slabs for A.Y. (2004-05 & 2005-06) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs.8.50 Lakhs) (Rs.) less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 10% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 10% Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 10% Income Tax Rates/Slabs for A.Y. (2003-04) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs. 60,000) (Rs.) Less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 5% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 5% Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 5% Income Tax Rates/Slabs for A.Y. (2002-03) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs. 60,000) Less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 2% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 2% Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 2% Income Tax Rates/Slabs for A.Y. (2001-02) Slab (Rs.) Tax (Rs.) Surcharge TI > 60,000 Surcharge TI > 1,50,000 Less than 50,000 Nil Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 12% 17% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 12% 17% Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 12% 17% |
 one more wrong |
Age of Senior citizen is 60 years for AY 2012-13 and AY 2013-14...!!!!!!!!
Bhumika Shah
(student)
(21 Points)
Replied 23 August 2012
for ipcc nov 2012, which slab vl be applicable??
deepak
(accountant)
(38 Points)
Replied 15 September 2012
GOOD JOB. VERY HELPFUL FOR ALL.
COLLECTION OF INCOME TAX SLAB AT ONE PLACE
Mallampalli Ruthvik
(Student)
(62 Points)
Replied 16 September 2012
This guy has written wrong senoir citizen is 60 yrs and plus from AY 2013-14 as per amendments
G.Manoj kumar
(Articles)
(31 Points)
Replied 20 September 2012
PLEASE CHANGE THE YEAR TO 60 IN THE FIRST TABLE... :(
harish
(rm)
(27 Points)
Replied 19 November 2012
For A.Y. 2013-14 corporate tax rate is wrongly given as
3) Corporate Tax will be 30% and surcharge and cess will be Nil.
but the surcharge is applicabl at 5% if income exceeds Rs. 1 Crore
and cess shown as nil instead of 3%
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