As per the Finance Act, 2011, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head “Salaries” for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) at the following rates:

RATES OF INCOME-TAX

A. Normal Rates of tax:

 

   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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0 responses to “Rate of TDS on Salary – FY 2011-12, AY 2012-13”

  1. jai parkash sharma says:

    which is the specfic item on which no charges to be levied.
    thanks

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