Income tax rates F.Y 2012-2013

These rates are subject to enactment of the Finance Bill 2012. The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals Total Income Tax Rates Upto Rs. 200,000* Nil 200,001 to 500,000 10% 500,001 to 10,00,000 20% Above Rs. 10,00,000 30% *In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000 The category of women below the age of 65 years has been removed. In the case of a resident individual of the age of eighty years or above, Total Income Tax Rates Upto Rs. 500,000* Nil 500,001 to 10,00,000 20% Above Rs. 10,00,000 30% Surcharge is Nil Education cess is applicable @ 3 percent on income tax Marginal relief may be available. 1.2 For Partnership Firms • Partnership Firms are taxable @ 30 percent • Surcharge is Nil • Education cess is applicable @ 3 percent on income tax 1.3For Domestic Companies • Domestic companies are taxable @ 30 percent • Surcharge is applicable @ 5 percent if total income is in excess of INR 10,000,000 • Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any) 1.4 For Foreign Companies • Foreign companies are taxable @ 40 percent • Surcharge is applicable @ 2 percent if total income is in excess of INR 10,000,000 • Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any) Twitter Delicious Digg Facebook Stumbleupon RSS About the Author I`m SENTHAMARAIKANNAN Author Of Senthamaraikannanclub and i interested in Blogs and socialnetworking I wrote so many blogs in my name since 2007.Follow me On Twitter, Like us On Facebook, Join us on Google +