INCOME TAX SLABS FOR THE ASSESSMENT YEARS 2012-13 & 2013-14.

INCOME-TAX

Salary is the main source for Government employees, it includes all kinds of pay, dearness allowance, overtime allowance, bonus, leave salary, advance pay, all allowances, pay for rent free accommodation, pension, interim relief, house rent allowance and contribution of NPS. And following the items does not includes such as Children Education allowance, Hostel subsidy and Transport allowance.

Need not filing of Income Tax whose total income exceeds 5 lakh

Individuals, Hindu undivided families, AOPs, BOIs - The tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons, body of individuals or an artificial juridical person. The rates applicable for the assessment years 2011-12,  2012-13 and 2013-14 are as follows :

ASSESSMENT YEAR 2013-14 

Tax rates for the financial year 2012-13 are given below – Tax Rates for Individuals

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,00,000	Nil	Nil	Nil
Rs. 2,00,001 - Rs. 5,00,000	10% of income exceeding Rs. 2,00,000	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000	Rs. 30,000 + 20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,30,000 + 30% of income exceeding Rs. 10,00,000	2% of income-tax	1% of income-tax

Tax Rates for Senior Citizens (60 years and above but less than eighty years…)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,001 - Rs. 5,00,000	10% of income exceeding Rs. 2,50,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000	Rs. 25,000 + 20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,25,000 + 30% of income exceeding Rs. 10,00,000	2% of income-tax	1% of income-tax

Tax rates for Very Senior Citizens (80 years or above…)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 5,00,000	Nil	Nil	Nil
Rs. 5,00,001 - Rs. 10,00,000	20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,00,000 + 30% of income exceeding Rs.10,00,000	2% of income-tax	1% of income-tax

Note: The aggregate of deduction under sections 80C, 80CCC and 80CCD(I) should not exceed one lakh rupees.

(A sum of Rs.50,000 special deduction for physically handicapped resident persons and Rs.1,00,000 for severe disability persons.)


ASSESSMENT YEAR 2012-13

Tax rates for the assessment year 2012-13 are given below- 

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,80,000	Nil	Nil	Nil
Rs.1,80,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,80,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 32,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 92,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident woman (who is below 60 years on the last day of the previous year, i.e., born on after April 1, 1952)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,90,000	Nil	Nil	Nil
Rs.1,90,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,90,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 31,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 91,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident senior citizen (who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year, i.e., born during April 1, 1932 and March 31, 1952)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs.2,50,001 - Rs. 5,00,000	10% of (total income minus Rs. 2,50,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 85,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1932)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 5,00,000	Nil	Nil	Nil
Rs.5,00,001 - Rs. 8,00,000	20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 60,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

SOURCE: WWW.90PAISA.BLOGSPOT.IN