Income Tax Structure for the year 2012-13 (Assessment Year 2013-14)
The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14)Â have been revised. The following is the New Income Tax structure for the year 2012-13.
In case of individual (other than II and III below) and HUF
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,00,000/- |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/-. | Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of the amount by which the total income exceeds Rs.2,00,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total income exceeds Rs.2,50,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | Nil |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
- Education Cess: 3% of the Income-tax.
- New Rs 50,000 tax exemption for retail equity investments
- Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
- Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
please advise whether leave encashment of salary is fully exempt from tax in case of voluntary retirement( in dec 2011) for 2011-12?
In the year 2011-12 (i.e. Assessment year 20012-13), Rs.20,000.00 invested in Infrastructure Bonds over and above Rs.1,00,000.00 we eligible for the tax rebate.
Is the same facility is available for the year 2012-13 (i.e. assessment year 2013-04)
In the year 2011-12 (i.e. Assessment year 20012-13), Rs.20,000.00 invested in Infrastructure Bonds over and above Rs.1,00,000.00 we were eligible for the tax rebate under Income tax.
Is the same facility is available for the year 2012-13 (i.e. assessment year 2013-04)
yes