Income Tax Structure for the year 2012-13 (Assessment Year 2013-14)

The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14)  have been revised. The following is the New Income Tax structure for the year 2012-13.

In case of individual (other than II and III below) and HUF

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,00,000/-.	NIL
ii.	Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,00,000/-
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.	Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-.	Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,00,000/-.	NIL
ii.	Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.	10% of the amount by which the total income exceeds Rs.2,00,000/-.
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.	Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-	Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,50,000/-.	NIL
ii.	Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-	10% of the amount by which the total income exceeds Rs.2,50,000/-.
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-	Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

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 income does not exceed Rs.2,50,000/-.	NIL
ii.	Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-	Nil
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-	Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

• Education Cess: 3% of the Income-tax.
• New Rs 50,000 tax exemption for retail equity investments
• Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
• Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
• Deduction on Infrastructure bond raised from Rs.20,000 to Rs.40,000.