Tax rate for aop for ay 12-13

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Vishnu (Querist)
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14 August 2012 Could any one please clarify me the tax rate/slabs for AOP (Association of Persons) for the AY 2012-2013.

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CA Vikas Kumar Sharma

CA Vikas Kumar Sharma (Expert)
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14 August 2012

RATES OF INCOME-TAX A.Y. 2012-13
As per the Finance Act, 2011, income-tax rates for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) for individual,BOI,AOP,HUF is given as under.

A. Normal Rates of tax:

1.Where the total income does not exceed Rs. 1,80,000/-. Nil

2.Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/-
10 per cent of the amount by which the total income exceeds Rs. 1,80,000/-

3.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-.
Rs. 32,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4.Where the total income exceeds Rs. 8,00,000/-.
Rs. 92,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year:

1.Where the total income does not exceed Rs. 1,90,000/-. Nil

2.Where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000/-.
10 per cent, of the amount by which the total income exceeds Rs. 1,90,000/-

3.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-.
Rs. 31,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4.Where the total income exceeds Rs. 8,00,000/-.
Rs. 91,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

C. Rates of tax for an individual, resident in India and of the age of sixty years or more but less than eighty years at any time during the financial year:

1.Where the total income does not exceed Rs. 2,50,000/-. Nil

2.Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.
10 per cent, of the amount by which the total income exceeds Rs. 2,50,000/-

3.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-.
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4.Where the total income exceeds Rs. 8,00,000/-.
Rs. 85,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

D. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

1.Where the total income does not exceed Rs. 5,00,000/- Nil

2.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-

3.Where the total income exceeds Rs. 8,00,000/-
Rs. 60,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-

1. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13).
2. Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.
3. Additional surcharge on Income Tax (Secondary and Higher Education Cess on Income-tax):From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one percent of income-tax (not including the Education Cess on income tax).
4. Education Cess, and Secondary and Higher Education Cess are payable by both resident and non-resident assessees.

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