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Income tax for Individuals 2012-2013

 

Income Level / Slabs for men less than 60 years

Income Tax Rate (2012-2013)

i.

Income less thanRs. 1,80,000/-.

NIL

ii.

Income between Rs. 1,80,000/-
 and  Rs. 5,00,000/-.

10% of the income exceeding Rs. 1,80,000/-

iii.

Income between Rs. 5,00,000/-
 and  Rs. 8,00,000/-.

Rs. 32,000/- + 20% of the income exceeding Rs. 5,00,000/-.

iv.

Income above  Rs. 8,00,000/-.

Rs. 92,000/- + 30% of the income exceeding Rs. 8,00,000/-.

Education Cess: 3% of the Income-tax.

II. For woman less than 60 years of age, below tax slabs are applicable

 

Income Level / Slabs for Women  less than 60 years

Income Tax Rate (2012-2013)

i.

Income less thanRs. 1,90,000/-.

NIL

ii.

Where total income exceeds Rs. 1,90,000/-
 and  Rs. 5,00,000/-.

10% of the income exceeding Rs. 1,90,000/-.

iii.

Income between Rs. 5,00,000/-
 and  Rs. 8,00,000/-.

Rs. 31,000- + 20% of the income exceeding 5,00,000/-.

iv.

Income above  Rs. 8,00,000/-

Rs. 91,000/- + 30% of the income exceeding Rs. 8,00,000/-.

Education Cess: 3% of the Income-tax.

III. Individuals between 60 years and 80 years of age.

 

Income Level / Slabs for men & women between 60 years and 80 years of age

Income Tax Rate (2012-2013)

i.

Income less thanRs. 2,50,000/-.

NIL

ii.

Income between Rs. 2,50,000/-
 and  Rs. 5,00,000/-

10% of the income exceeding Rs. 2,50,000/-.

iii.

Income between Rs. 5,00,000/-
 and  Rs. 8,00,000/-

Rs. 25,000/- + 20% of the income exceeding Rs. 5,00,000/-.

iv.

Income above  Rs. 8,00,000/-

Rs. 85,000/- + 30% of the income exceeding Rs. 8,00,000/-.

Education Cess: 3% of the Income-tax.  

For individuals above 80%, no tax till 5Lakhs.

More information at http://finotax.com/itax/itaxrates.htm/#i21a

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