Normal Rates
Tax Rates for Individuals/HUF/AOP/BOI
For A.Y. 2011-12
Income
Rate(%)
Up to 160000*
NIL
160001 to 300000
10
300001 to 500000
20
Above 500000
30
Notes:
* Threshold limit for resident women assessees below 65 years of age and resident individuals of 65 years and above to be increased to Rs. 1,90,000/- and Rs. 2,40,000/- respectively.
No surcharge payable on income tax.
Education Cess @ 2% and Secondary and Higher education cess @ 1% leviable on tax.
|
For A.Y. 2012-13 |
|
|
Income |
Rate(%) |
|
Up to 180000* |
NIL |
|
180001 to 500000 |
10 |
|
500001 to 800000 |
20 |
|
Above 800000 |
30 |
Notes:
* Threshold limit for a women resident assessees below the age of 60 years will be ` 1,90,000/-; threshold limit for a resident individual who is of the age of 60 years or more but less than 80 years and for a resident individual who is of the age of 80 years or more ` 2,50,000/- and ` 5,00,000/- respectively.
No Surcharge to be levied while computing total income.
Education Cess @ 2% and Secondary and Higher education cess @ 1% leviable on tax.
Tax Rates for Firms (including Limited Liability Partnership)
Asst. Year
Tax
%Education cess/ Secondary & Higher Education cess %
Total %
2011-12
30
3
30.90
2012-13
30
3
30.90
Surcharge not applicable from assessment year 2010-11.
Tax Rates for Domestic Companies
Asst. Year
Tax
%Surcharge
%Education cess/ Secondary & Higher Education cess %
Total %
2011-12
30
7.5
3
33.2175
2012-13
30
5
3
32.445
Surcharge applicable, if total income exceeds ` 1,00,00,000/- (Marginal relief available)
Surcharge reduced from 2.5% to 2% for foreign companies.
Tax Rates for foreign companies
Asst. Year
Tax
%Surcharge
%Education cess/ Secondary & Higher Education cess %
Total %
2011-12
40
2.5
3
42.23
2012-13
40
2
3
42.024
Surcharge applicable, if total income exceeds ` 1,00,00,000/- (Marginal relief available)
Surcharge reduced from 2.5% to 2% for foreign companies.
Dividend Distribution Tax
Asst. Year
Tax
%Surcharge
%Education cess/ Secondary & Higher Education cess %
Total %
2011-12
15
7.5
3
16.60875
2012-13
15
5
3
16.2225
Note: Parent company will be allowed set off of dividend received from its subsidiary in computing its dividend distribution tax subject to certain conditions
Income Distribution Tax for Mutual Fund
Rate
Funds Other than Money Market Funds or Liquid Funds
Money Market Mutual Funds or Liquid Funds
*A.Y. 2011-12
A.Y. 2012-13
A.Y. 2012-13
If Distributed to Individual/ HUF
If Distributed to any other person
If Distributed to Individual/HUF
If Distributed to any other person
If Distributed to an Individual or HUF
If Distributed to any other person other than individual or HUF
Tax %
12.5
20
12.5
30
25
30
Surcharge %
7.5
7.5
5
5
5
5
Edn.Cess %
3
3
3
3
3
3
Total %
13.840625
22.145
13.51875
32.445
27.0375
32.445
*Note: Income distributed by a money market mutual fund or liquid fund for assessment year 2011-12 will be taxed @ 25% plus surcharge and Education/Higher Education cess.
Co-operative society
Income
Rate %
Education Cess/Secondary & Higher Education cess %
Total %
Up to 10000
10
3
10.3
10001 to 20000
20
3
20.6
20001 and above
30
3
30.9
Special Rates
Long Term Capital Gains
(a) On Equity shares and units
Long term capital gain arising on transfer of equity shares in a recognized stock exchange in India or units of an equity oriented Mutual Fund (if 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.
For All Assessees Nil – Exempt under section 10(38)
(b) On other assets and equity shares, units except falling in (a) above
|
Income Tax on Long Term Capital Gains |
|
|
Resident Individual or HUF |
20% |
|
Domestic Companies |
20% |
|
Non-residents |
20% |
|
NRIs (for gains u/s 115E) |
10% |
|
Any other case |
20% |
Notes:
If tax payable in case of Long Term Capital Assets, being listed securities or units or zero coupon bond, exceeds 10% of Capital gains before indexation, then such excess may be ignored.
Surcharge at the rates applicable to the assessee. Education cess @ 2% and Secondary and Higher education cess @ 1% applicable on tax inclusive of surcharge.
In case of resident individual and HUF, where tax liability arises only because of the inclusion of long term capital gains, tax to be levied at 20% or 10% as the case may be, on the excess over the minimum exemption limit.
In case of resident individual and HUF, relief from LTCG is available in respect of the amount by which the Taxable Income other than LTCG falls short of Basic Exemption Limit.
Short Term Capital Gains
(a) On Equity shares and units
Short term capital gain arising on transfer of equity shares on recognized stock exchange in India or units of an equity oriented Mutual Fund (if 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable
|
For All Assessees |
15% plus surcharge, plus Education Cess & Secondary and Higher education cess wherever applicable |
Notes:
No Deduction under Chapter VI-A (80C to 80U)
In case resident individual and HUF, relief from STCG available in respect of the amount by which the taxable income other than STCG, falls short of Basic Exemption Limit
(b)
On Short Term Capital Gain Other than in (a) above
At normal Rates
Minimum Alternate Tax payable by Companies – As a percentage of Book Profit
For A.Y. 2011-12
For A.Y. 2012-13
Type of companies
Tax %
Surcharge %
Education & Sec. & Higher Education Cess %
Total
Tax %
Surcharge %
Education, & Sec. & Higher Education Cess %
Total
Domestic
18
7.5
3
19.9305
18.5
5
3
20.00775
Non-
domestic18
2.5
3
19.0035
18.5
2
3
19.4361
Notes:
No Surcharge will be levied on companies having book profit not more than Rs. 1 crore.
MAT Credit available in respect of MAT paid from A.Y. 2006-07 onwards. MAT Credit to be carried forward for set off for ten years from assessment year 2010-11.
Advance Tax
Assessment Year
2011-12 & 2012-13Advance Tax Obligation
(If tax payable exceeds Rs. 10,000)Due Date of Instalment payable on or before
Amt. Payable as a % of Tax
For Cos.*
For Other Assessees
15th June
15%
–
15th September
30%
30%
15th December
30%
30%
15th March
Balance
Balance
*MAT also subject to Advance Tax. Refer Circular No. 13 of 2001, [252 ITR (St) 52]
NOTES:
1. Income Tax on Fringe Benefits abolished from A.Y. 2010-11.
2. BCTT abolished from April 1, 2009)