Income Tax Slab Rate F.Y. 2012-13 & A.Y 13-14

Income Tax Slab Rate F.Y. 2012-13 & A.Y 13-14

     (A) Individual (Male/Female) / HUF / AOP / BOI and every artificial juridical person

                  Income                                                           Rate of Tax

     Upto 2,00,000 Rs.                                                            NIL

     2,00,001 to 5,00,000 Rs.                                                 10% [10% of above 2,00,000]

     5,00,001 to 10,00,000 Rs.                                               20% [30,000 + 20% of above 5,00,000]

     Above 10,00,001 Rs.                                                       30% [1,30,000 + 30% of above 10,00,000]

     (B) For resident Individual of the age of 60 years or more but less than 80 years at any time during the previous year

                  Income                                                           Rate of Tax

     Upto 2,50,000 Rs.                                                            NIL

     2,50,001 to 5,00,000 Rs.                                                  10% [10% of above 2,50,000]

     5,00,001 to 10,00,000 Rs.                                                20% [25,000 + 20% of above 5,00,000]

     Above 10,00,001 Rs.                                                        30% [1,25,000 + 30% of above 10,00,000]

     (C) For resident Individual of the age of 80 years or more at any time during the previous year

                  Income                                                           Rate of Tax

     Upto 5,00,000 Rs.                                                            NIL

     5,00,001 to 10,00,000 Rs.                                                20% [20% of above 5,00,000]

     Above 10,00,001 Rs.                                                        30% [1,00,000 + 30% of above 10,00,000]

[2] Co-operative Soceity

                  Income                                                           Rate of Tax

     Upto 10,000 Rs.                                                               10% [10% of 10,000]

     10,001 to 20,000 Rs.                                                        20% [1000 + 20% of above 10,000]

     Above 20,001 Rs.                                                             30% [3000 + 30% of above 10,00,000]

[3] Firm / Limited Liability Partnership (LLP)

     The tax rate for Firm/LLP will be 30% for the F.Y. 2012-13 on the total income of the Firm/LLP.

[4] Local Authority

     The tax rate for Local Authority will be 30% for the F.Y. 2012-13 on the total income of the Local Authority.

[5] Company 

     

     In case of a Domestic Compay                    30% of the total income

     In case of a Foreign Compay                       40% of the total income

Surcharge

The rate of surcharge for the A.Y. 2013-14 are as follows

(1) Individual (Male/Female) / HUF / AOP / BOI and artificial juridical person 
   
     - No Surcharge

(2) Co-operative Soceity/ Local Authority                                                       
   
     - No Surcharge

(3) Firm / Limited Liability Partnership (LLP)                                                   
   
     - No Surcharge

(4) Domestic Company 

     - Surcharge is applicable at the rate of 5% of Income Tax if the total income exceeds Rs. 1 Crore

(5) Foreign Company

     - Surcharge is applicable at the rate of 2% of Income Tax if the total income exceeds Rs. 1 Crore