• Aug
  • 31
  • 2011

Income Tax Rates/ Slabs FY 2011-2012 / A.Y. 2012-2013

Posted In Income Tax | | 4 Comments »

Income Tax Rates/ Slabs  for the financial year 2011-2012 (A.Y. 2012-2013) for Individual, HUF, woman, senior citizen and senior citizen of 80 Years and more-

RATES OF INCOME-TAX

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A. Normal Rates of tax: Applicable to Individual Male below the Age of 60 Years and HUF

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   1.  Where the total income does not exceed Rs. 1,80,000/-. Nil
   2.  Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/- 10 per cent of the amount by which the total income exceeds Rs. 1,80,000/-
   3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. Rs. 32,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
   4.  Where the total income exceeds Rs. 8,00,000/-. Rs. 92,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year:

   1.  Where the total income does not exceed Rs. 1,90,000/-. Nil
   2.  Where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000/-. 10 per cent, of the amount by which the total income exceeds Rs. 1,90,000/-
   3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. Rs. 31,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
   4.  Where the total income exceeds Rs. 8,00,000/-. Rs. 91,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

C. Rates of tax for an individual, resident in India and of the age of sixty years or more but less than eighty years at any time during the financial year:

   1.  Where the total income does not exceed Rs. 2,50,000/-. Nil
   2.  Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent, of the amount by which the total income exceeds Rs. 2,50,000/-
   3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
   4.  Where the total income exceeds Rs. 8,00,000/-. Rs. 85,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

D. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

   1.  Where the total income does not exceed Rs. 5,00,000/- Nil
   2.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/- 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
   3.  Where the total income exceeds Rs. 8,00,000/- Rs. 60,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-

Surcharge on Income tax:

There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13).

Education Cess on Income tax:

The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.

Additional surcharge on Income Tax (Secondary and Higher Education Cess on Income-tax):

From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one percent of income-tax (not including the Education Cess on income tax).

Education Cess, and Secondary and Higher Education Cess are payable by both resident and non-resident assessees.


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Sandeep Kanoi+

4 Responses to “Income Tax Rates/ Slabs FY 2011-2012 / A.Y. 2012-2013”

  1. RAJGOPAL SRIVASTAVA says:
    May 19, 2012 at 11:59 PM

    if property , cash or FD received through WILL is taxable,if yes at what rates

  2. sunita says:
    May 3, 2012 at 12:00 PM

    What are the Income Tax Rates / Slabs for Non Resident Women Assessees of Age less than 60 years for FY 2010-11 (AY 2011-12) and FY 2011-12 (AY 2012-13) ?

  3. dinesh bansal says:
    March 22, 2012 at 5:28 PM

    for super senior citizens. can they save one lac over rs 5 lacs to save income tax?

  4. MEDA VENKATESWARLU says:
    January 26, 2012 at 8:20 PM

    Whether the deposits under contribution pension scheme is with one lakh under 80C

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