RATES OF INCOME-TAX AS PER FINANCE ACT, 2012:
As per the Finance Act, 2012, income-tax rates Applicable for Assessment Year 2013-14 / Financial Year 2012-13 Applicable to Individual, HUF, is as follows :-
Rates of tax
A. HUF & Individual (Including Female Assessee ) who is of the age of sixty years or Less
|
Sl. No. |
Total Income |
Rate of tax |
|
1 |
Where the total income does not exceed Rs. 2,00,000/-. | Nil |
|
2 |
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
|
3 |
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
|
4 |
Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
|
Sl. No |
Total Income |
Rate of tax |
|
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. 10,00,000/-. | 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. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. 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:
|
Sl. No |
Total Income |
Rate of tax |
|
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. 10,00,000/-. | 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
|
3 |
Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
2.2 Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
2.3.1 Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
2.3.2 Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent 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 nonresident assessees.
मैं कॉमोडिटी में 2012 13 में ट्रेडिंग की एवम् लगभग 11 लाख का प्रॉफिट हुआ। लेकिन 2013 14 में पूरे पैसे का नुकसान हो गया। मेरे को 2012 13 में इनकम टैक्स लगेगा??? यदि टैक्स लगा तो टैक्स से कैसे बचा जा सकता है।कृपया सलाह दे।
It would have been more useful if you have provided the exemption limit u/s 80 (c) for the respective financial year.
I was working with M/s ETA General Pvt ltd, at Pondicherry from July 2012 to Feb 2014, at the Manufacturing Plant. The factory/ plant is closed due to business reasons wef 1/03/2014.
I withdrew the PF amount of my contribution and also the company contribution and received Rs.162676 on 23/05/2014, through online payment by Employee provident fund organisation into my bank account.
Please clarify the following:
1) whether this amount is taxable or not? I understand that if I have lost my service due to factory closure is non taxable(my contribution + company contribution + interest). The PF is desposited with PF commissioner at chennai, Tambaram.
2) If it is not taxable, whether I should show it in my income from other sources. If so, where to show the deductions?
Please clarify and advise me according . Please also give the details of the rule applicable.
I have 6,00000,lakh above payment in annum aftet deduction i will pay 10000.l cant understand 20000 which type Of deduction from the gross salary
I have 6,00000,lakh above payment in annum aftet deduction i will pay 10000.l cant understand 200000 which type Of deduction from the gross salary