1. Normal Rates

  1. 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:

  1. * 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.

  2. No surcharge payable on income tax.

  3. 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:

  1. * 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.

  2. No Surcharge to be levied while computing total income.

  3. Education Cess @ 2% and Secondary and Higher education cess @ 1% leviable on tax.

  1. 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.

  1. 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.

  1. 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.

  1. 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

  1. 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

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.

  1. 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

  1. Special Rates

  1. 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:

  1. 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.

  2. Surcharge at the rates applicable to the assessee. Education cess @ 2% and Secondary and Higher education cess @ 1% applicable on tax inclusive of surcharge.

  3. 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.

  4. 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.

  1. 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:

  1. No Deduction under Chapter VI-A (80C to 80U)

  2. 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

  1. 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-
domestic

18

2.5

3

19.0035

18.5

2

3

19.4361

Notes:

  1. No Surcharge will be levied on companies having book profit not more than Rs. 1 crore.

  2. 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 & 2012-13

Advance 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)