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Author Topic: Income Tax Rates for the FY 2011-12 (AY 2012-13)  (Read 30035 times)
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« on: May 16, 2011, 08:18:09 AM »

Threshold limit of exemption from personal income tax in the case of all assesses is Rs.180,000. The threshold limit for a resident woman assessee is Rs.190,000, while for a resident senior citizen over 60 years is Rs.250,000 and for senior citizen over 80 years is Rs. 500,000.
There is an additional investment deduction of Rs.20,000 in infra bonds over and above Rs 1 lakh in 80C

I. For Individuals (includes nonresidents), HUF, AOP and BOI
1. From 1,80,000 to 5,00,000 : 10% of amount greater than Rs. 1,80,000.
2. From 5,00,000 to 8,00,000 : 20% of amount greater than Rs. 5,00,000 plus Rs. 32,000.
3. Above 8,00,000 : 30% of amount greater than Rs. 8,00,000 plus Rs. 92,000.

II. For Resident Woman (except senior citizen)
1. From 1,90,000 to 5,00,000 : 10% of amount greater than Rs. 1,90,000.
2. From 5,00,000 to 8,00,000 : 20% of amount greater than Rs. 5,00,000 plus Rs. 31,000.
3. Above 8,00,000 : 30% of amount greater than Rs. 8,00,000 plus Rs. 91,000.

III. For Resident Senior Citizen (age over 60 years)
1. From 2,50,000 to 5,00,000 : 10% of amount greater than Rs. 2,50,000.
2. From 5,00,000 to 8,00,000 : 20% of amount greater than Rs. 5,00,000 plus Rs. 25,000.
3. Above 8,00,000 : 30% of amount greater than Rs. 8,00,000 plus Rs. 85,000.
Note: For nonresident senior citizen the exemption limit is Rs. 1,80,000.

III. For Resident Senior Citizen (age over 80 years)
1. From 2,50,000 to 5,00,000 : nil
2. From 5,00,000 to 8,00,000 : 20% of amount greater than Rs. 5,00,000 plus nil.
3. Above 8,00,000 : 30% of amount greater than Rs. 8,00,000 plus Rs. 60,000.
Note: For nonresident senior citizen the exemption limit is Rs. 1,80,000.

Education Cess
The total tax amount (including surcharge) is subject to an education cess at 3%.

Statutory Obligation to file return (Section 139(1)).
Every individual has to furnish the return of income if his total income before allowing deduction under Chapter VI-A (that is under sections 10A, 10B, 10BA, 80C to 80U) exceeds the maximum amount which is not chargeable to income tax.

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« Last Edit: November 16, 2011, 05:29:04 PM by MyTaxes_Expert » Logged
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