Income Tax Slab Rates For Financial Year 20122013 i.e., Asst. Year 20132014
I. In case of Men Less than 60 yrs. and HUF:
Income Level

Tax Amount (At Normal Rate)


i.

If the total taxable income does not exceed Rs.2,00,000/.
(or)
Total Income <= 2,00,000

NIL
(or)
Gross Tax Liability = Nil or “0”

ii.

If the total income exceeds Rs.2,00,000/ but does not exceed Rs.5,00,000/.
(or)
2,00,000 < Total Income <= 5,00,000

10% of amount by which the total taxable income exceeds Rs. 2,00,000/
(or)
Gross Tax Liability = (Total Income2,00,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/ but does not exceed Rs.10,00,000/.
(or)
If 5,00,000

Rs. 30,000/ + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/.
(or)
Gross Tax Liability = 30,000+[(Total Income5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/.
(or)
Total Income>10,00,000

Rs. 1,30,000/ + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/.
(or)
Gross Tax Liability =1,30 ,000 + [ (Total Income10,00,000)*0.3]

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:
Income Level

Tax Amount (At Normal Rate)


i.

If the total taxable income does not exceed Rs.2,00,000/.
(or)
Total Income <= 2,00,000

NIL
(or)
Gross Tax Liability = Nil or “0”

ii.

If the total income exceeds Rs.2,00,000/ but does not exceed Rs.5,00,000/.
(or)
2,00,000 < Total Income <= 5,00,000

10% of amount by which the total taxable income exceeds Rs. 2,00,000/
(or)
Gross Tax Liability = (Total Income2,00,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/ but does not exceed Rs.10,00,000/.
(or)
If 5,00,000

Rs. 30,000/ + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/.
(or)
Gross Tax Liability = 30,000+[(Total Income5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/.
(or)
Total Income>10,00,000

Rs. 1,30,000/ + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/.
(or)
Gross Tax Liability =1,30 ,000 + [ (Total Income10,00,000)*0.3]

III. In case of an Individual Resident who is of the age of 60 or more but less than 80 yrs at any time during the previous year:
Income Level

Income Tax Rate


i.

Where the total taxable income does not exceed Rs.2,50,000/.
(or)
Total Income <= 2,50,000

NIL
(or)
Gross Tax Liability = Nil or “0”

ii.

If the total taxable income exceeds Rs.2,50,000/ but does not exceed Rs.5,00,000/
(or)
2,50,000 < Total Income <= 5,00,000

10% of the amount by which the total taxable income exceeds Rs.2,50,000/.
(or)
Gross Tax Liability = (Total Income2,50,000)*0.1

iii.

If the total taxable income exceeds Rs.5,00,000/ but does not exceed Rs.10,00,000/
(or)
5,00,000

Rs.25,000/ + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/.
(or)
Gross Tax Liability = 25,000+[(Total Income5,00,000)*0.2]

iv.

If the total taxable income exceeds Rs.10,00,000/
(or)
Total Income>10,00,000

Rs.1,25,000/ + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/.
(or)
Gross Tax Liability = 1,25,000 + [ (Total Income10,00,000)*0.3]

IV. In case of an Individual Resident who is of the age of 80 years or more at any time during the previous year:
Income Level

Income Tax Rate


i.

Where the total taxable income does not exceed Rs.500,000/.
(or)
Total Income <= 5,00,000

NIL
(or)
Gross Tax Liability = Nil or “0”

iii.

If the total taxable income exceeds Rs.5,00,000/ but does not exceed Rs.10,00,000/
(or)
If 5,00,000

20% of the amount by which the total taxable income exceeds Rs.10,00,000/.
(or)
Gross Tax Liability = (Total Income5,00,000)*0.2

iv.

If the total taxable income exceeds Rs.10,00,000/
(or)
Total Income>10,00,000

1,00,000/ + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/.
(or)
Gross Tax Liability =1,00,000 + [ (Total Income8,00,000)*0.3]

Net Tax Liability = (Gross Tax Liability) x 103% (i.e., 1% and 2% of Education and Secondary and Higher Education Cess resp.)
Surcharge: No Surcharge on Income Tax for the above cases
Education Cess:2% of the Incometax calculated above
Secondary and Higher Education Cess:1% of the Income Tax calculated above
THE SUM OF THE ABOVE TAX CALUCULATED AT NORMAL RATE, EDUCATION CESS AND SECONDARY AND HIGHER EDUCATION CESS IS THE TAX LIABILITY