Income Tax Rates

Assessment Year: 2013 - 14 Previous Year      : 2012 - 13	Assessment Year : 2012 - 13 Previous Year       : 2011 - 12
1. For resident women below the age of 60 years.	1. For resident women below the age of 60 years.
Upto Rs. 2,00,000 Nil Rs. 2,00,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30%	Upto Rs. 1,90,000 Nil Rs. 1,90,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 8,00,000 20% Above Rs. 8,00,000 30%
2. For resident Senior Citizens. (Age above 60 Years)	2. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30%	Up to Rs 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs. 8,00,000 20% Above Rs. 8,00,000 30%
3. For resident Super Senior Citizens. (Age above 80 Years)	3. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30%	Up to Rs 5,00,000 Nil Rs. 5,00,001 to Rs. 8,00,000 20% Above Rs. 8,00,000 30%
4. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).	4. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,00,000 Nil Rs. 2,00,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs 10,00,000 20% Above Rs. 10,00,000 30%	Upto Rs. 1,80,000 Nil Rs. 1,80,001 to Rs. 5,00,000 10% Rs. 5,00,001 to Rs 8,00,000 20% Above Rs. 8,00,000 30%
Surcharge : NILEducation Cess : 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surchargeLong-Term Capital Gains: 20% on income-tax plus surcharge. Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.	Surcharge : NILEducation Cess : 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surchargeLong-Term Capital Gains: 20% on income-tax plus surcharge. Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
Firms	Firms
Income tax : 30%.Surcharge : NILEducation Cess : 2% on income-tax plus surchargeSecondary and Higher Education cess : 1%  on income-tax plus surcharge	Income tax : 30%.Surcharge : NILEducation Cess : 2% on income-tax plus surchargeSecondary and Higher Education cess : 1%  on income-tax plus surcharge
Companies	Companies
(A) Domestic Companies  Income tax : 30%Surcharge: 5%  if the taxable income exceeds Rs. 100,00,000.Education Cess: 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surcharge	(A) Domestic Companies  Income tax : 30%Surcharge: 5%  if the taxable income exceeds Rs. 100,00,000.Education Cess: 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surcharge
(B) Foreign Companies Income tax : 40% (in general ) 50% on royalty or fee for technical services (agreement 1.04.1961 to 31.03.1976.) Surcharge : 2% if the taxable income exceeds Rs. 100,00,000. Education Cess : 2% on income-tax plus surcharge Secondary and Higher Education cess : 1%  on income-tax plus surcharge	(B) Foreign Companies Income tax : 40% (in general ) 50% on royalty or fee for technical services (agreement 1.04.1961 to 31.03.1976.) Surcharge : 2% if the taxable income exceeds Rs. 100,00,000. Education Cess : 2% on income-tax plus surcharge Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Cooperative Societies	Cooperative Societies
Upto Rs. 10,000 10% Rs. 10,001 to Rs. 20,000 20% Rs. 20,001 to Above 30%	Upto Rs. 10,000 10% Rs. 10,001 to Rs. 20,000 20% Rs. 20,001 to Above 30%
Surcharge : Surcharge Is Not ApplicableEducation Cess : 2% on income-tax.Secondary And Higher EducationCess : 1% on income tax plus surcharge	Surcharge : Surcharge Is Not ApplicableEducation Cess : 2% on income-tax.Secondary And Higher EducationCess : 1% on income tax plus surcharge
Local Authorities	Local Authorities
Income tax : 30%.Surcharge : NILEducation Cess : 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surcharge	Income tax : 30%.Surcharge : NILEducation Cess : 2% on income-tax plus surcharge.Secondary and Higher Education cess : 1%  on income-tax plus surcharge

TDS / TCS RATES FOR F.Y. 2012-13  Section  Nature of Payment  Threshold Limit of Payment  01-04-2012 to 30-06-2012  01-07-2012 onwards 192 Income from Salary  Senior Citizen  Rs. 2,50,000 Average rate of Tax + edu. Cess (no surcharge) Average rate of Tax + edu. Cess (no surcharge)  Super Senior Citizen  Rs. 5,00,000  Others  Rs. 2,00,000 193 Interest on Securities upto 30-06-2012 from 01-07-2012  Rs. 2500  Rs. 5000 10% 10% 194A Interest from a Banking Company  Rs. 10,000 per annum 10% 10% 194A Interest other than from a Banking Co.  Rs. 5,000 per annum 10% 10% 194B Winning from Lotteries & Puzzles  Rs. 10,000 per annum 30% 30% 194BB Winning from Horse Races  Rs. 5,000 per annum 30% 30% 194C Payment to Contractors; Sub-contractor; Advertising Contractors  Rs. 30,000 per contract (or)   Individual/HUF 1% Others 2% Individual/HUF 1% Others 2%  Rs. 75,000 per annum 194D Insurance Commission  Rs.20,000 per annum 10% 10% 194E Non-resident Sportsman or Sports Association   - 10% 20% 194G Commission on Sale of Lottery Tickets  Rs.1000 10% 10% 194H Commission/Brokerage  Rs. 5,000 per annum 10% 10% 194-I Rent on Plant / Machinery  Rs. 1,80,000 per annum 2% 2% 194-I Rent Other then Plant / Machinery  Rs. 1,80,000 per annum 10% 10% 194J Fees for Professional / Technical Services  Rs. 30,000 per annum 10% 10% 194LA Compulsory Acquisition of Property upto 30-06-2012      from 01-07-2012    Rs. 1Lac Rs. 2 Lacs 10% 10% 206C Scrap  - 1% 1% 206C Tendu Leaves  - 5% 5% 206C Timber obtained under a forest lease or other mode  - 2.50% 2.50% 206C Any other forest produce not being a Timber or tendu leave  - 2.50% 2.50% 206C Alcoholic Liquor for Human Consumption  - 1% 1% 206C Packing lot, toll plaza, mining & quarrying  - 2% 2% 206C Purchase of Bullion/ Jewellery in cash Rs. 2 Lacs per transaction (Bullion) Rs. 5 Lacs per transaction (Jewellery) - 1% 206C Purchase of coal lignite, Iron ore by a trader - - 1% Notes 1. Surcharges & Education Cess Type of Payment Surcharge (2%) Education Cess (3.00%) Salary No Yes Other Payments to Residents No No Other Payments to Foreign Co. (Payment exceeds 1 cr.) Yes Yes Other Payments to Foreign Co. (Payment upto 1 cr.) No Yes Payments to Other Non-residents (Irrespective of amount) No Yes 2. Nil rate will be applicable to transporter of goods if he provides his PAN to the deductor.  3. Nil Deduction entries of transporters also to be shown in Form 26Q. 4. TDS @ 20% where PAN not furnished. Fees and Penalties Section Description upto 30-06-212 01-07-2012 Onwards 234E Fee for late filing of  TCS/ TCS return Rs. 100 per day (not exceeding amount of tax) Rs 200 per day (not exceeding amount of tax) 271H(1)(a) Penalty for Late filing of  TCS/TCS return beyond 1 year - Minimum  Penalty : Rs. 10,000 Maximum  Penalty : Rs. 1 lac 271H(1)(b) Penalty for providing incorrect information in TDS/TCS Return - Minimum  Penalty : Rs. 10,000 Maximum  Penalty : Rs. 1 lac Other Important Changes Section Description upto 30-06-212 01-07-2012 Onwards 197A Eligible Age for Form 15H (Payment without TDS) 65 years. 60 years. 201/206C Interest on non-short deduction of  tax where deductee deposits advance/ self assessment tax Till TDS deposited Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. 40(a)(ia) Disallowance of payment made without TDS where deductee deposits advance / self assessment tax Till TDS deposited Till date of filing of ITR by deductee wherein full tax has been deposited. CA certificate needed. 200A Appeal, Rectification against Intimation of TDS Return No Yes Interest on delay in deposit of tax after deduction: Stage of deduction Rate per month or part of the month From date when deductible till actual deduction  1% From date of deduction till payment  1.5%