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Income Tax Rates / Tax Slabs (AY-2013-2014)

The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

New Income tax slab for AY 13-14

New Income Tax Slabs for AY 13-14 for Resident Senior Citizens above 60 years till 80 years (FY 2012-13)

S. No.

Income Range

Tax percentage

1

Up to ` 2,50,000

No tax / exempt

2

2,50,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

New Income Tax Slabs for AY 13-14 for Resident Senior Citizens above 80 years (FY 2012-13)

S. No.

Income Range

Tax percentage

1

Up to ` 5,00,000

No tax / exempt

2

5,00,001 to 10,00,000

20%

3

Above 10,00,000

30%

New Income Tax Slabs for AY 13-14 Others & Men & Women (FY 2012-13)

1

Up to ` 2,00,000

No tax / exempt

2

2,00,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be `  30000
  • Taxable Income in 20% slab maximum tax will be `  30000 + ` 1,00,000 total `1,30,000
  • Taxable Income in 30% slab minimum tax will be ` 1,30,000

Education and other cess will be in addition to this

COMPANIES :

 

Company

Rate of income tax (per cent)

In the case of Domestic Company

30 %

In the case of Foreign Company

Ø Royalty received from Government or an Indian concern

  • in pursuance of an agreement made by it with the Indian concern  after March 31, 1961, but before April 1,1976,
  • in pursuance of  an agreement made on or after 1st April, 1976 but on or  before 31st May, 1997
  •  in pursuance of an agreement made on or after 1st June, 1997 but on or before 31st May, 2005

 

50 %

 

 

30 %

 

10 %

Ø Other Income

40 %

 

Surcharges & Education Cess : – Surcharges is applicable at the rates given below :-

 

A- DOMESTIC COMPANIES :

  • Surcharge @ 5% will be applicable for those domestic companies whose taxable income is more than Rs. 1 Crore.

  • Education Cess @ 3% will be applicable on income tax. Education cess will be livable on the amount of income tax and surcharge.

B – FOREIGH COMPANIES

  • Surcharge will be applicable @ 2% if income is more than Rs.1 Crore.
  • Education cess will be levied at 3 % on income-tax and surcharge.

PARTNESHIP FIRM

 

Partnership Firm are taxed at a flat rate irrespective of income for the A.Y.2013-14 or F.Y.2012-13 as follows

  • Tax rates on partnership firm is 30%

  • Any long term capital gains shall be taxable @ 20%

  • Short term capital gains shall be taxable @ 15%

  • Education cess @2% and secondary & higher education cess @1% will be applicable.

  • However surcharges has eliminated from A.Y.2012-11.                                  

 

THE RATES OF SECURITY TRANSACTION TAX (STT) ARE AS FOLLOWS:

 

 

Transaction

Rate

(% of transaction value)

 

Payable by

Delivery based purchase / sale of equity Shares/Units of Equity oriented fund.

0.1%

Buyer & Seller

Non-delivery based sale of equity shares/Units of equity oriented fund.

0.025%

Seller

Sale of Derivatives

0.017%

Seller

Sale of option in securities

0.017%

Seller

Sale of option in securities, where option exercised

0.1%

Buyer

Sale of futures in securities

0.017%

Seller

Sale of Units of equity oriented fund to Mutual Fund

0.25%

Seller

 

B. Association of Persons (AOP) and Body of Individuals (BOI)

i. Income-tax:

 

Income Level / Slabs

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. Education Cess: 3% of the Income-tax.
 

C. Co-operative Society

i. Income-tax:

 

Income Level / Slabs

Income Tax Rate

i.

Where the total income does not exceed
Rs. 10,000/-.

10% of the income.

ii.

Where the total income exceeds Rs.10,000/- but does not exceed Rs.20,000/-.

Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

iii.

Where the total income exceeds Rs.20,000/-

Rs. 3.000/- + 30% of the amount by which total income exceeds Rs.20,000/-.

ii. Surcharge: Nil

iii. Education Cess: 3% of the Income-tax.
 

H. WEALTH TAX RATES

i. Upto Rs. 30,00,000 .........................................NIL

ii. Above Rs.30,00,000 .............@ 1% of the amount by which the net amount exceeds Rs.30 Lakh.

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