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Tax Slabs for Assessment Year 2012 – 2013

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Updated: Monday, October 29, 2012, 10:56 [IST]

Tax Slabs for Assessment Year 2012 – 2013

 It is important to understand what tax slabs apply to you so that a better tax planning is done.

Basic Tax Jargon

Financial Year, Assessment Year and Previous Year, do these commonly used income tax jargons often confuse you? This is what they mean.

1. Financial Year (FY) - Duration of one year between 1st April to 31st March of the following year, in which all financial information are reported.

2. Assessment Year (AY) - The income of a particular financial year is assessed in the following financial year, which is known as the assessment year.

3. Previous Year (PY) - The financial year preceding the assessment year, the income of which is assessed in the following assessment year.

ASSESSMENT YEAR 2013-14 RELEVANT TO FINANCIAL YEAR 2012-13

I TAX RATES FOR INDIVIDUALS OTHER THAN II, III & IV BELOW
Upto 2,00,000 - Nil
2,00,000 to 5,00,000 - 10% of the amount exceeding 2,00,000
5,00,000 to 10,00,000 - Rs.30,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above - Rs.130000 + 30% of the amount exceeding 10,00,000

II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS
Upto 2,00,000 - Nil
2,00,000 to 5,00,000 - 10% of the amount exceeding 2,00,000
5,00,000 to 10,00,000 - Rs.30,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above - Rs130000+ 30% of the amount exceeding 10,00,000

III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YRS AND ABOVE & BELOW 80 YEARS (SENIOR CITIZEN)
Upto 2,50,000 - Nil
2,50,000 to 5,00,000 - 10% of the amount exceeding 2,50,000
5,00,000 to 10,00,000 - Rs.25,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above - Rs.125000 + 30% of the amount exceeding 10,00,000

IV TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YRS AND ABOVE (VERY SENIOR CITIZEN)
Upto 5,00,000 - Nil
5,00,000 to 10,00,000 - 20% of the amount exceeding 5,00,000
10,00,000 & above - Rs.100000 + 30% of the amount exceeding 8,00,000
There is no surcharge in the case of every individual, Hindu undivided family, Association of persons and body of individuals

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Story first published:  Friday, March 16, 2012, 12:43 [IST]
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