Friday, November 2, 2012

Changes in Income Tax Slabs for Individuals over Last Five ...


(AY 2009-10 to AY 2013-14)

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I. Individuals other than those specified in II, III, IV below

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Slab Details

Rate

2013-14

2012-13

2011-12

2010-11

2009-10

Basic Exemption Limit

Nil

2,00,000

1,80,000

1,60,000

1,60,000

1,50,000

First Slab

10%

5,00,000

5,00,000

5,00,000

3,00,000

3,00,000

Second Slab

20%

10,00,000

8,00,000

8,00,000

5,00,000

5,00,000

Third Slab

30%

Nil

Nil

Nil

Nil

Nil

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II. Resident Women Assessee other than senior or super senior citizen.

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Slab Details

Rate

2013-14

2012-13

2011-12

2010-11

2009-10

Basic Exemption Limit

Nil

NA

1,90,000

1,90,000

1,60,000

1,80,000

First Slab

10%

NA

5,00,000

5,00,000

3,00,000

3,00,000

Second Slab

20%

NA

8,00,000

8,00,000

5,00,000

5,00,000

Third Slab

30%

NA

Nil

Nil

Nil

Nil

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There is no category of Resident Women Assesse for AY 2013-14.

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III. Resident Senior Citizen

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Slab Details

Rate

2013-14

2012-13

2011-12

2010-11

2009-10

Basic Exemption Limit

Nil

2,50,000

2,50,000

2,40,000

2,40,000

2,25,000

First Slab

10%

5,00,000

5,00,000

5,00,000

3,00,000

3,00,000

Second Slab

20%

10,00,000

8,00,000

8,00,000

5,00,000

5,00,000

Third Slab

30%

Nil

Nil

Nil

Nil

Nil

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The age limit for senior citizen was decreased from 65 to 60 years w.e.f. AY 2012-13

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IV. Resident Super Senior Citizen

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Slab Details

Rate

2013-14

2012-13

2011-12

2010-11

2009-10

Basic Exemption Limit

Nil

5,00,000

5,00,000

NA

NA

NA

First Slab

20%

10,00,000

8,00,000

NA

NA

NA

Second Slab

30%

Nil

Nil

NA

NA

NA

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The category super senior citizen is applicable w.e.f. AY 2012-13.

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Additional Considerations:

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a. In addition to income tax, 2% of Educational Cess and 1% of Secondary Higher Educational cess is also payable on income tax calculated (Rounded off to nearest tens).

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b. There used to be Surcharge of 10% on income tax calculated up to AY 2009-10. It is no longer applicable.

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c. The categories of Women, Senior and Super Senior citizens are only applicable for Residents. Hence, All the non residents will fall under category I above.

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Calculation Procedure:

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Slab means the income for which the particular rate is applicable.

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The calculation is as follows:

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For example, if the income of individual is Rs. 6,50,000/-.

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Calculation

Rate

Income

Tax

Basic Exemption

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??? 200,000

??????????? -??

First Slab

10%

??? 300,000

??? 30,000

Second Slab

20%

??? 150,000

??? 30,000

Third Slab

30%

???????????? -??

??????????? -??

? ?

??? 650,000

??? 60,000

Source: http://www.caclubindia.com/articles/changes-in-income-tax-slabs-for-individuals-over-last-five-assessment-years-15555.asp

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