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Income tax query
Hello Ramesh according to me ur business income will be Rs 240000
Add : Income from Other Source ( FDR interes) Rs xxxx (not given)
Total Gross Income
less : saving us 80c (FDR) Rs 100000 (Max)
Taxable Income (Balance)
in case ur taxable income is less than 180000 u dont need to file an ITR
u cant claim ur house expenses as deduction from ur business income unless they are in relation to ur business.
nikhil and sanjay the basic tax slab is rs 200000
https://www.finance.pushpi.com/income-tax-slab-for-fy-2012-13.htm
Hi there, the slab rate you are talking about is for A.Y 13-14. PLZ check
The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:
|
New Income tax slab for fy 2012-13 / ay 2013-14 |
||
| New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 10,00,000 | 20% |
| 3 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
For normal category the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 30000
- Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000
- Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000
Education and other cess will be in addition to this
Income tax rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:
|
Old Income tax slab for fy 2011-12 / ay 12-13 |
||
|
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12) |
||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 8,00,000 | 20% |
| 3 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12) | ||
| 1 | Up to Rs 1,90,000 | No tax / exempt |
| 2 | 1,90,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
| Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12) | ||
| 1 | Up to Rs 1,80,000 | No tax / exempt |
| 2 | 1,80,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 8,00,000 | 20% |
| 4 | Above 8,00,000 | 30% |
For normal category the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 32000
- Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
- Taxable Income in 30% slab minimum tax will be Rs 92000
Education and other cess will be in addition to this
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