Rates of Income Tax

Assessment year : 2012 - 13
Previous year : 2011 - 12
1. For resident women below the age of 60 years.
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)
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)
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).
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:  NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
 
Firms
Income tax : 30%.
Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
 
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
(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
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : Surcharge Is Not Applicable
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge
 
Local Authorities
Income tax : 30%.
Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Assessment year : 2011 - 12
Previous year : 2010 - 11
1. For resident women below the age of 65 years.
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 65 Years)
Upto Rs 2,40,000 Nil
Rs. 2,40,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 8,00,000 20%
Above Rs. 8,00,000 30%
 
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 1,60,000 Nil
Rs. 1,60,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs 8,00,000 20%
Above Rs. 8,00,000 30%
 
Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
 
Firms
Income tax : 30%.
Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
 
Companies
(A) Domestic Companies
Income tax: 30%
Surcharge: 7.5%  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
 
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : Surcharge Is Not Applicable
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge
 
Local Authorities
Income tax : 30%.
Surcharge :NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge