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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)  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.
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