Showing posts with label Income Tax Rates. Show all posts
Showing posts with label Income Tax Rates. Show all posts

TDS rates under Income Tax for the Financial Year 2012-2013

0 comments Saturday, June 30, 2012

Section
Particulars
TDS
Threshold Limit
Surcharge and Education Cess
192
 Salary
Normal Rate
As per normal computation of income
1.      Surcharge:
No Surcharge on TDS in case of payment is made to Resident or Domestic Company
No Surcharge on TDS in case of payment is made to Non Resident other than Foreign Company
2.5% Surcharge on TDS if the recipient is a foreign company and amount exceeds Rs. 1 Crore.
2.      Education Cess
No EC or SHEC on TDS in case of payment is made to Resident or Domestic Company [Other than Salary]
3% EC and SHEC (2% + 1%) on TDS in case of Salary
3% EC and SHEC (2% + 1%) on TDS in case of payment is made to Non Resident
193
 Interest on Specified Securities
10%
 Rs. 5,000 [Rs. 2,500 upto 30-6-2012] in case of Listed Debentures payable to resident individual or a Hindu undivided family, by a company in which public are substantially interested
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Income Tax Rates for Individuals, HUF

0 comments Monday, June 6, 2011

Rates of Income Tax as applicable to Individuals, Hindu Undivided Families (HUF) and Artificial Jurisdictional Person:

Rates For the Assessment Year 2011-2012

Net Income Range Income Tax Rates Tax
Upto Rs. 1,60,000 Nil Nil
Rs. 1,60,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 34,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 94,000 + 30% of total income minus Rs. 8,00,000 --do--
Special Rates for Resident Women (who is below 65 years at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 1,90,000 Nil Nil
Rs. 1,90,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 1,90,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 31,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 91,000 + 30% of total income minus Rs. 8,00,000 --do--
Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 2,40,000 Nil Nil
Rs. 2,40,000 - Rs. 5,00,000 10% 10% of total income minus Rs. 2,40,000 See Notes
Rs. 5,00,000 - Rs. 8,00,000 20% Rs. 26,000 + 20% of total income minus Rs. 5,00,000 --do--
Above 8,00,000 30% Rs. 86,000 + 30% of total income minus Rs. 8,00,000 --do--
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax 



Rates For the Assessment Year 2010-2011

Net Income Range Income Tax Rates Tax
Upto Rs. 1,60,000 Nil Nil
Rs. 1,60,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 1,60,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 14,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 54,000 + 30% of total income minus Rs. 5,00,000 --do--
Special Rates for Resident Women (who is below 65 years at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 1,90,000 Nil Nil
Rs. 1,90,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 1,90,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 11,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 51,000 + 30% of total income minus Rs. 5,00,000 --do--
Special Rates for Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Net Income Range Income Tax Rates Tax
Upto Rs. 2,40,000 Nil Nil
Rs. 2,40,000 - Rs. 3,00,000 10% 10% of total income minus Rs. 2,40,000 See Notes
Rs. 3,00,000 - Rs. 5,00,000 20% Rs. 6,000 + 20% of total income minus Rs. 3,00,000 --do--
Above 5,00,000 30% Rs. 46,000 + 30% of total income minus Rs. 5,00,000 --do--
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible)
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible )


 Income Tax Rates for Firms

Rates for the Assessment Year 2011-2012

Rate of Tax is 30% for the Assessment Year 2010-2011
Notes for the Assessment Year 2011-2012.
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax

 Rates for the Assessment Year 2010-2011

Rate of Tax is 30% for the Assessment Year 2009-2010
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-2010)
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-2010)



Income Tax Rates for Companies

Rates For the Assessment Year 2011-2012

Company Rate of Income Tax
In case of domestic company 30%
In case of foreign Company
- Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government 50%
- Other Income 40%
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Surcharge is 7.5% of income-tax and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs.1crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax plus surcharge

Minimum Alternate Tax for the Assessment Year 2011-2012
Company Rate of Minimum Alternate Tax
In case of domestic company 18% of book profit
In case of foreign Company 18% of book profit
Notes for the Assessment Year 2011-2012
Note 1: - Add Surcharge - Surcharge is 7.5% of income-tax and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs.1crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax plus surcharge


 Rates For the Assessment Year 2010-2011

Company Rate of Income Tax
In case of domestic company 30%
In case of foreign Company
- Royalty received from Government or an Indian Concern in pursuance of an agreement made by it with the Indian concern after March 31, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by central Government 50%
- Other Income 40%
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Surcharge is 10% of income-tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs. 1 crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge

Minimum Alternate Tax for the Assessment Year 2010-2011
Company Rate of Minimum Alternate Tax
In case of domestic company 15% of book profit
In case of foreign Company 15% of book profit
Notes for the Assessment Year 2010-2011
Note 1: - Add Surcharge - Surcharge is 10% of income-tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) and in case of domestic companies and 2.5% in case of foreign companies if net income exceeds Rs. 1 crore in either case.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10) plus surcharge


Income Tax Rates for Co-operative Societies

Rates For the Assessment Year 2011-2012

NetIncomeRange Rate of Tax
Up to Rs. 10,000 10%
Rs. 10,000 - Rs. 20,000 20%
Rs. 20,000 and above 30%
Notes for the Assessment Year 2010-2011
Note 1: - Add Education Cess - E. Cess is 2% of Income Tax
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax


Rates For the Assessment Year 2010-2011

Net Income Range Rate of Tax
Up to Rs. 10,000 10%
Rs. 10,000 - Rs. 20,000 20%
Rs. 20,000 and above 30%
Notes for the Assessment Year 2010-2011
Note 1: - Surcharge - Nil
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10)
Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (Rebate u/s 88E is not available w.e.f. AY 2009-10)



Income Tax Rates for AOP, BOI


Sr. No.
Section
Income
Rate of Income Tax
1
67B(1)
Where the individual shares of the members of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India) in the whole or any part of the income of such association or body are indeterminate or unknown
30%
(Maximum Marginal Rate)
3
67B(1)
where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximum marginal rate.
Such higher rate
4
67B(2)
the total income of any member for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the Finance Act of the relevant year.
30%
(Maximum Marginal Rate)
5
67B(2)
any member or members thereof is or are chargeable to tax at a rate or rates which is or are higher than the maximum marginal rate, tax shall be charged on that
portion or portions of the total income of the association or body which is or are relatable to the share or shares of such member or members at such higher rate or rates, as the case may be, and the balance of the total income of the association or body shall be taxed at the maximum marginal rate.
6

Any other Case
Normal Rate of Income Tax as applicable to Individual

Note: - Surcharge,  Education Cess  and Secondary and Higher Education Cess are applicable in the same manner as applicable to Individual / HUF



Income Tax Rates for Trusts

Generally Income of a Trust is taxed in the same manner as taxed in the hands of a resident Individual.

However, in certain specific cases, taxes are applicable at the following rates:


Sr. No.
Section
Income
Rate of Income Tax
1
161(1A)
Private Trust - Income includes Profit and gains from business
30% (Maximum Marginal Rate)
2
161(1)
Private Trust - Income does not include Profit and gains from business and shares are determinate or known
Rates as applicable to each beneficiary
3
164
Private Trust - Income of Private discretionary trust where shares of beneficiaries are indeterminate
30% (Maximum Marginal Rate)
4
164A
Income of a Oral Trust
30% (Maximum Marginal Rate)
5
164(2)
Public Trust – If income is not exempted u/s 11
Taxable as AOP
6
164(2)
Public Trust – If exemption is forfeited due to contravention u/s 13
30% (Maximum Marginal Rate)


Note: - Surcharge,  Education Cess  and Secondary and Higher Education Cess are applicable in the same manner as applicable to Individual / AOP as the case may be



Income Tax Rates for Some Specific Cases

For the Assessment Year 2011-2012

Sr. No. Section Income Rate of Income Tax
1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10%
2 112 Long Term Capital Gain
[Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT  - Sec. 10(38)]		 20%
3 115B Profits and Gains of Life Insurance Business 12.5%
4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30%
5 115BBC Anonymous Donation received in excess of the higher of the following, namely:—
               (A) five per cent of the total donations received by the assessee, or
               (B) one lakh rupees; 		30%
Note 1: - Add Surcharge -
Rate of Surcharge is Nil in the following cases:
a.       If the taxpayer is an Individual / HUF/ BOI/ AOP
b.      If the taxpayer is firm
c.       If the taxpayer is company (domestic or non-domestic company) and net income does not exceed Rs. 1 crore.
d.      If the taxpayer is a co-operative or local authority.
Rate of Surcharge will be 7.5% in the following cases:
a.      If the taxpayer is a domestic company and net income exceeds Rs.1crore.
b.       In case of section 115JB - MAT - if book profit exceeds Rs.1crore.
c.       In the cases attracting sections 161(1A), 164, 164A and 167B - surcharge is applicable irrespective of income.
Rate of Surcharge will be 2.5% in the following cases:
a.       If the taxpayer is non-domestic company and net income exceeds Rs.1crore.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible ) plus surcharge

For the Assessment Year 2010-2011

Sr. No. Section Income Rate of Income Tax
1 111A Short Term Capital Gain from an asset being an equity share in a company or a unit of an equity oriented fund subject to STT 10%
2 112 Long Term Capital Gain
[Other than an asset being an equity share in a company or a unit of an equity oriented fund subject to STT  - Sec. 10(38)]		 20%
3 115B Profits and Gains of Life Insurance Business 12.5%
4 115BB Winning from lotteries, crossword puzzles, or race including horse race (not being income from activity of owning and maintaining race hose) or card game and other game of any sort or from gambling or betting of any form or nature 30%
5 115BBC Anonymous Donation received in excess of the higher of the following, namely:—
               (A) five per cent of the total donations received by the assessee, or
               (B) one lakh rupees; 		30%
Note 1: - Add Surcharge -
Rate of Surcharge is Nil in the following cases:
a.       If the taxpayer is an Individual / HUF/ BOI/ AOP
b.      If the taxpayer is firm
c.       If the taxpayer is company (domestic or non-domestic company) and net income does not exceed Rs. 1 crore.
d.      If the taxpayer is a co-operative or local authority.
Rate of Surcharge will be 10% in the following cases:
a.      If the taxpayer is a domestic company and net income exceeds Rs. 1 crore.
b.       In case of section 115JB - MAT - if book profit exceeds Rs. 1 crore.
c.       In the cases attracting sections 161(1A), 164, 164A and 167B - surcharge is applicable irrespective of income.
Rate of Surcharge will be 2.5% in the following cases:
a.       If the taxpayer is non-domestic company and net income exceeds Rs. 1 crore.
Surcharge is subject to marginal Relief.
Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (rebate u/s 88E is not deductible) plus surcharge
Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (rebate u/s 88E is not deductible ) plus surcharge



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