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INCOME TAX SLAB RATE FOR A.Y.2012-13

Written by Nikunj Mundra on . Posted in Share Information

INCOME TAX SLAB RATE FOR A.Y.2012-13
The new and revised income tax slabs and rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:

For Individual male,Age less than 60 Years

Up to 180000 :    Nil

180001-500000 : 10%

500001-800000 : 20%

800001 & above : 30%

For Individual female,Age less 60 years

Up to 190000 :    Nil

190001-500000 : 10%

500001-800000 : 20%

800001 & above : 30%

For Individual, Age more than 60 Years ( Senior Citizen)

Up to 250000 :    Nil

250001-500000 : 10%

500001-800000 : 20%

800001 & above : 30%

For Individual ,Age more than 80 Years ( Super Citizen )

Up to 500000 :    Nil

500001-800000 : 20%

800001 & above : 30%

Further there is no change in education(2%) and other Sec .cess (1%) .

 

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Comments (89)

  • Julia Brooks

    |

    Cheers for the site. I enjoyed reading it.thanks for giving this latest information.

    Reply

  • mehak vohra

    |

    Thanks for updating…that”s very benefical

    Reply

  • Saathish

    |

    Thanks it is very easy to remember, and it is good

    Reply

    • Rajendra M. Pawar

      |

      thanks it is very useful to file income tax return.

      Reply

  • sulochana

    |

    It is very useful to us

    Reply

  • i.m.m.krishna kumar

    |

    please send rates for a.yr -2012-13 & 2011-12

    Reply

  • G S MISRA

    |

    easy presentation. pl continue.a lot of success will follow u.

    Reply

  • Manohar Manikonda

    |

    Sir i want update tax information

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      what type of information you need in tax for update.

      Reply

  • Dr. G.V.Ramalingeswara Rao

    |

    The information is fine. Surcharge (education cess,etc.,) information will also may be provided for more use

    Reply

    • Dr Swamynruthya Nair

      |

      DR Ramlingappa Please don’t be so snobbish. everyone knows the rates for surcharge are 3%. These guys have done a wonderful job. They have also mentioned that surcharges remain unchanged. superb.

      Reply

  • JIGNESH PRAJAPATI

    |

    sir

    send last three f.year income tax rate for above my e mail id

    Reply

  • srikanth

    |

    thaks for giving the updates relating to tax slabs

    Reply

  • pathik

    |

    Que. is
    Name of Emp:- Mr. X
    Mr. X’s Birthday :- 07-09-1951
    Taxable Income Rs. 7,00,000/-
    How to calcute Tax (TDS) for assessment Year 2012-13?

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      age as on the date- 61 yrs,
      total income – 700000
      tds amount – 72000+edu. cess. @3%= 74160/-.

      Reply

      • Maria Simon

        |

        Ravi Vyas,
        60 yrs or more => senior citizen

        ie, (7,00,000-5,00,000)*20% + (5,00,000-2,50,000)*10% =65,000

        Add cess: 3% 0n 65,000 =1,950

        Is it correct?

        Total (65,000+1,950)= 66,950

        Reply

        • Avatar of ravi vyas

          ravi vyas

          |

          Hi Maria, your working is correct. Previously senior citizen age was 65 years upto F.y. 2010-2011, but form f.y. 2011-12 senior citizen age is 60 years.

          Reply

    • abhiram

      |

      X’s age is 61. so he/she is a senior citizen.taxable income is 7 lakhs.
      for first 2,50,000 no tax
      2,50,001 to 5,00,000 is 10% ie..250000*10%=25,000
      from 5 lakh to 7 lakh it is 20% ie..2 lakh *20%=40000
      65000
      add 3% edu and higher edu cess(65000*3%)=1950
      therefore, total itax payable is 66,950.
      done by v. abhiram, article student

      Reply

  • RVR Perumal

    |

    Dear Sir, Thanks for your valuble information. My question :- I own two houses. One we stay and other is vacant. I pay income tax for second house’s notional rent. If I gift one house to my wife, can I avoid paying income tax on notional rent?

    Reply

    • harikrishna ch

      |

      no u can not

      Reply

  • Rajiv sarmah

    |

    The minimum tax rate should be more than 2 lakhs since the value of money is going to less.

    Reply

  • A.N. Kunjunny

    |

    I would like to be enlightened about calculation of income tax for the current financial year. can be kindly send a sample calculation sheet alongwith all possibilities of exemptions etc. for all slabs? I require this for official purpose.
    Thanks.

    Reply

  • A.N. Kunjunny

    |

    what are the existing slabs for education and other cesses?

    Reply

  • BSATYANARAYANA

    |

    dear sir,
    how to calculate of Advance tax ? in assessment year . This is proprietor firm,but annual turnover 55lakhs

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      advance tax is not calculated on turnover basis, it is calculated on total income, if your tax liability is more than 10000/- in a year then you have to pay advance tax. it is pay in installment and it’s due dates are as follows
      Due date to Pay advance Tax

      Advance tax is paid by the all persons, both corporate assessee (company assessee) and non-corporate assessee (other than non-corporate assessee). The advance tax is to be paid in the following installments on the following dates:

      For Non-Corporate Assessee
      On or before 15 September – not less than 30% of tax payable
      On or before 15 December – not less than 60% of tax payable
      On or before 15 March – not less than 100% of tax payable

      Example
      Qus.State whether Mr. X is liable to pay advance tax and if yes then what amount should be paid by what date. The income of Mr. X is Rs. 2, 60,000.(fy 2009-10)

      Solution: The tax is Rs.10300 on income of Rs. 2, 60,000. Since, tax is more than Rs. 10,000, therefore, advance tax is payable. The advance tax is payable asunder:

      Since Mr. Ram is a non-corporate assessee therefore, the first installment will be due
      on 15th September.

      On or before 15th September – first 30% of Rs. 10,300 = Rs. 3,090 Rs.(total=3,090)
      On or before 15th December – next 30% of Rs. 10,300 = Rs. 3,090 Rs.(total=6,180)
      On or before 15th September – balance 40% of Rs. 10,300 = Rs. 4,120 Rs.(total=10,300)

      Reply

  • Subhash

    |

    Please tell me any person ,If a transporter take abatement 75% of service tax i.e 2.575%, then he can also take service tax input credit on any bill issued to him by any creditor.

    Reply

    • Sunil Agarwal

      |

      Hi .

      If any transporter take the abatement of 75% of the Service tax then he is not eligible for input credit. Double benifit is not avaiable.

      Reply

      • Avatar of ravi vyas

        ravi vyas

        |

        ya this correct if transporter take abatement then transporter not eligible for input credit.

        Reply

  • Deepak Jain

    |

    Dear Sir,

    If my Salary income is 285,000 & deduction u/s 80 C is 110,000 how much tax I’ve to pay.
    2nd Example
    Apart from the salary if I’ve other income i.e from the share mkt of 10,000 then how much tax I’ve to pay?

    Regards
    Deepak Jain

    Reply

    • Avatar of Manish Singh

      Manish Singh

      |

      Please Tell about us Which type of share income is it Long Term Share Income Or Short Term

      Reply

  • ankur

    |

    thanx

    Reply

  • Rajesh kumar tiwari

    |

    please send the change

    Reply

  • anuj gandhi

    |

    what are the deductions that i person can claim….?
    Also tell how a person can save maximum tax.

    Reply

  • rakesh patel

    |

    what is the tax slab rates for AY 1990-91 to 2010-11???????
    Please send me as soon as possible ……..
    Thanks …..

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      we arrange and reply to you as soon as possible.

      Reply

  • hemant mishra

    |

    what is the incom tax rate on partner ship firm,kindly inform.

    regards
    hemant mishra

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      tax rate fot partnership firm is 30% on Income earn by the firm.

      Reply

  • Priyanka Verma

    |

    It is very helpful for those student who are not able for purchase of new book every year.

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      thanks for appreciation to us………………….

      Reply

    • mallinath dhari

      |

      what is the due date of pay advance tax & how much i have to pay
      & how much installments.

      Reply

  • Ramappa Kunagi

    |

    Thanks, it is very useful for my returns for AY:2011-12

    Reply

  • Pradeep Dash

    |

    What’s the tax rate for non-resident individual in India.

    Reply

  • sidharth

    |

    what is new slab of deduction from income

    Reply

  • Rajesh nagar

    |

    Thank you Boss….

    Reply

  • sivakumar

    |

    thanks for giving latest updates

    Reply

  • mallinath dhari

    |

    thanks for valuable answer

    Reply

  • A.VASU REDDY

    |

    Sir,
    This is Vasu Reddy from Hyderabad,I have an Ugent requirement of Tax,EMI,Cost calculators,can any body help me

    Reply

  • Ankit Bagaria

    |

    very helpful.. exactly what I was looking for. Thanks.

    Reply

  • CA DAYA MAHANSARIA

    |

    Slab rate for A.Y.2013-14
    For individual (Men & women):
    200000=Nil
    200001 to 500000=10%
    500001 to 1000000=20%
    Above 1000000=30%

    For Senior Citizen 2,50,000(Age60 years)
    Super Citizen 500000 (Age 80 Years )

    Reply

    • Avatar of Manish Singh

      Manish Singh

      |

      Thank You sir for update of slab rate for A.Y. 2013-14, and we make post for this update also u can see here

      Reply

      • CA DAYA MAHANSARIA

        |

        Welcome sir,

        Daya Mahansaria(FEMAlE)

        Reply

        • CA DAYA MAHANSARIA

          |

          Daya Mahansaria (FEMALE)

          Reply

        • CA DAYA MAHANSARIA

          |

          Welcome sir,

          Daya Mahansaria (FEMALE)

          Reply

  • sher singh

    |

    Dear Sir

    Pls. tells me what is the tds. slab for the A/Y 2012-13

    Reply

  • Anand Prakash Upjneja

    |

    Thanks. Most of my queries have been answered by glancing through your amazing web. Kindly let me if senior citizen discount is availabla to resident overseas citizens of India?

    Reply

  • jitendra gupta

    |

    sir
    meri problam a/c me yeah hai ki kisi perosne ke direct exp. and direct income kaya hoti hai nahi janata
    plc help

    Reply

    • CA DAYA MAHANSARIA

      |

      1. Direct income is one which is earned directly by way of
      business activities.

      2. Indirect income is one which is earned by way of non-
      business activities. For example, sale of old newspapers, sale of
      carton boxes, etc.
      same way direct expenses and indirect expenses.

      Reply

  • Anand Prakash Upneja

    |

    Kindly let me know if senior citizen (higher slab ) rate is applicable to resident U S citizens having status of overseas citizens of India? Thanks

    Reply

  • ANIL PATEL

    |

    hi, i have filed my return on 30/03/2012 for asst year 2011-2012, but there is a mistake in my return that i thought that there is a basic limit of 1,80000/- and my income is below 1800000/- but when i saw the slab rated it is only 160000/- so there is excess income than the slab rates. so what can i do for this…

    wheather they will issue notice for income tax or what will happen… bcos if i calculate as on today the income tax will be around 1500/- to pay but i have not pay that i have filed the return as if the limit is 180000/-… pls reply me

    Reply

  • krishna kannaujiya

    |

    it is very useful to not only us but also our country in one or any other way.Also if we wish to do any thing good we dont have time to do so but by way of tax we can do it

    Reply

  • krishna kannaujiya

    |

    we help our country by paying tax .coz now also if we thing of doing something goood then also we dont get time and chance to do it so.sooooooo thanks to person who pay the tax

    Reply

  • shiva

    |

    dear sir,
    how to calculate of Advance tax ? in assessment year . This is proprietor firm,but annual turnover 35lakhs

    Reply

  • Priyali Kasera

    |

    I found it very useful for the begginer like me…

    I want guidence over how to file ITR… and all possible information regarding Income tax calculation… please guide me..

    Reply

  • Priyali Kasera

    |

    I found it very useful for the begginer like me…
    I want guidence over how to file ITR… and all possible information regarding Income tax calculation… please guide me..

    Reply

  • Bharat Patil

    |

    Dear sir. Please send me amendments of Income tax, wealth tax, service tax & vat for A.Y 2011-12 & 13

    Reply

  • RAJ KUMAR PRAJAPATI

    |

    DEAR SIR,

    KINDLY SENT IN MY MAIL-SLAB OF INCOME TAX, P. TAX, S. TAX, TDS AND REST

    Reply

  • Rouf Allaie

    |

    Dear sir
    U have truly updated a simple way to understand new changes in income tax, but plz update also education cess for the Year 2012-2013

    Reply

    • Avatar of Manish Singh

      Manish Singh

      |

      Education Cess on Income Tax @ 2%
      Sec. Education Cess on Income Tax @ 1%

      Reply

  • Harish Singh

    |

    Sir u r working well….please solve my issue…….i hope you would
    Sir i deal with Share Market only and no other resource of earning except from trading. i am a sort term trader(as i hold any bid 2 to 5 days) .at the current time(Apr 2102) in my trading account there is about 1,25,000(1.25 lac)Rupees. Now come to the point……..
    1)what tax i have to pay in Apr 2013 as if in my trading account there is a balance of 250000(2.5 lac).
    2)what tax i have to pay in Apr 2014 as in my trading account there is a balance of 400000(4 lac)
    2a)whether i have to pay tax on whole 4 lac or 4-2.5=1.5 lac only in 2014 as i had pay tax on 2.5 lac earlier 2013.is this procedure will continue go on.
    3)on my mother(45 years and no other income) have a property about 40 lac(purchased this year 2012 by the father(farmer)) and gold about worth 3 lac. what is your view about tax. How much tax she has to pay or not?
    (note give your ans according to slab 2012 and with full description as in layman language)
    please reply fast i will always we thankful to you

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      First of all no tax to your mother, although no tax to your father too also because such income earn during his life time for which return is filed and answer related to your income will be given in 1-2 days… sorry for such inconvenience.

      Reply

  • Narayan

    |

    I have net income is 828000/-
    LIC Premium (self, spouse and children) - 100000
    Public Provident Fund - 11000
    Principal repayment of Housing loan - 130000
    Infrastructure bonds – 20000
    HRA is 16500×12 = 198000
    Medical Bills – 15000
    Income from LETOUT – 2000×12 = 24000

    Please let me know TDS

    Thanks in adv

    Reply

    • Avatar of ravi vyas

      ravi vyas

      |

      dear sir first sorry for late reply …
      sir please provide me detail related which helps me to calculate correct income, following information:
      1. sir please provide me detail related to HRA that you stay in rented house or own house because if u stay in your own house no HRA exemption is there otherwise there is HRA exemption. So please provide how much u pay rent if u stay in your rented house.
      2. any interest u pay on house loan then please provide me that also because it helps me to calculated correct income of house property which is rented out.
      3. please clarify that net income not includes all the detail which u show below.

      Reply

  • JAVEED BASHA

    |

    I am doing service and I want to Purchase a house for me and my family, please give some guide lines to make IT return file..
    Thanks

    Reply

  • Utkal sahu

    |

    thank u

    Reply

  • parveen

    |

    i want to know that ” SLABE RATE OF charitable trust .

    Reply

  • shakeel khan

    |

    sir, i want to know how much IT has to be paid by me if annual income is 12,00,000/-

    Reply

  • saurav gupta

    |

    plz tell the depreciation rate on AC

    Reply

  • Avatar of

    taher

    |

    can any one please tell me about TDS,
    for Example: a dealer is there and the TDS Deducted by the his Suppliers how the dealer can claim his TDS.

    plz. provide me the detials of the above..

    Thanking you….

    Reply

    • Avatar of Manish Singh

      Manish Singh

      |

      Well Sir You Have to file your income tax return and mention your TDS detail (which you receive in form 16 or get detail of your deducted TDS Amount from AS 26 Statement by registering in income tax site) then you will get your refund.

      Reply

  • Geeta chakrawarti

    |

    thxz 4 providing or updating tax slab rate. this information is vry imp 4 d students.. so plz updates new amendments n changes as far as posible.

    Reply

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