Income Tax Structure for the year 2012-13 (Assessment Year 2013-14) – Source:gconnect

The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14)  have been revised. The following is the New Income Tax structure for the year 2012-13.

In case of individual (other than II and III below) and HUF

Income Level 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. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.2,00,000/-. NIL
ii. Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. 10% of the 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/-.

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.2,50,000/-. NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.2,50,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.25,000/- + 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.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

Income Level Income Tax Rate
i. Where the total income does not exceed Rs.2,50,000/-. NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- Nil
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- 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.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
  • Education Cess: 3% of the Income-tax.
  • New Rs 50,000 tax exemption for retail equity investments
  • Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
  • Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
  • Deduction on Infrastructure bond raised from Rs.20,000 to Rs.40,000

Union Budget 2012-13: What goes up, down

NEW DELHI: Pranab Mukherjee, while presenting the Union Budget 2012-2013 proposed to increase duty on large cars and refined gold and remove any duty on import of silver. Here is a look at what goes up and what goes down.

Almost all the manufactured items used in every day life will become costlier, while luxury cars, gold, eating out at restaurants or hotel accommodation will become even more expensive after a steep hike in tax rates proposed in Budget 2012-13.

WHAT GOES UP

ACs

Gold jewellery

Refrigerator

Luxury cars

Air travel

Telephone bills

Sport Utility Vehicles

Cigarettes

Handrolled beedis

Platinum jewellery

Diamond jewellery

Emerald

Ruby

Branded retail garments

Eating out at restaurants

Hotel accommodation

Hiring a law firm

WHAT GOES DOWN

Cinema and films

LCDs and LEDs

Imported bicycles

Housing society charges

LPG

Mobile phones

School education

Iron ore equipment

Medicines for treating cancer and HIV Processed food

Iodised salt

Match boxes

Soya products

Solar power lamps

LED bulbs

Natural gas