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 Direct Tax Rates

 
For Tax Computation, Click here



For Auto Computation of Total Income & Tax, Click here

Income Tax Rates for Individual & HUF

Computation of Total income of ............. for the A.Y. 2012-13

Particulars

Amount

Salaries

***

Income from house property

***

Profits and gains of business or profession

***

Capital gains

***

Income from other sources

***

Gross Total Income

****

Less : Deductions u/s 80C to 80U (subject to maximum of GTI before casual income, STCG covered u/s 111A # & LTCG)

****

Total Income / Taxable Income (Rounded off u/s 288A)

****

 

Computation of tax liability of ....... for the A.Y. 2012-13

Particulars

Rate

Details

Amount

Total Income other than STCG covered u/s 111A # , LTCG and casual income

 

 

 

Up to Rs.180000##

Nil

Nil

 

Add : From Rs.180001 to Rs.500000

10%

****

 

Add : From Rs.500001 to Rs.800000

20%

****

 

Add : Above Rs.800000

30%

****

 

 

 

****

 

Add : Tax on casual income

30%

****

XYZ

Add : Tax on LTCG

20%

 

***

Add : Tax on STCG covered u/s 111A #

15%

 

***

Total tax liability before cess

 

 

PQR

Add : Education cess & SHEC @ 3%

 

 

**

Tax liability after education cess

 

 

***

Less : Relief u/s 86, 89, 90 & 91

 

 

**

Tax liability

 

 

***

Less : Advance Tax

 

***

 

Less : Tax Deducted / Collected at Source

 

***

 

Less : Any other prepaid tax

 

***

***

Tax Payable ( if + ve) or Refundable ( if - ve) (Rounded of u/s 288B)

***

# Short term capital gain arising on transfer of equity shares or units of equity oriented fund which is chargeable to securities transaction tax.
## In case of Very Senior Citizen (age above 80 years), nil rate is applicable upto income of Rs.500000, in case of Senior Citizen (age between 60 and 80 years), Nil rate is applicable upto income of Rs.2,50,000 whereas, in case of resident woman, nil rate is applicable upto income of Rs.1,90,000. For Further details click here.

  
Partnership Firm & Limited Liability Partnership (LLP) 

Particulars

Rate

Details

Amount

Tax on casual income

30%

 

***

Tax on LTCG

20%

 

***

Tax on STCG covered u/s 111A

15%

 

***

Other Income
30%
 
***

Total tax liability before cess

 

 

***

Add : Education cess & SHEC @ 3%

 

 

**

Tax liability after education cess

 

 

***

Less : Relief u/s 86, 89, 90 & 91

 

 

**

Tax liability

 

 

***

Less : Advance Tax

 

***

 

Less : Tax Deducted / Collected at Source

 

***

 

Less : Any other prepaid tax

 

***

***

Tax Payable ( if + ve) or Refundable ( if - ve) (Rounded of u/s 288B)

***

  

Particulars

Rate

Details

Amount

Tax on casual income

30%

 

***

Tax on LTCG

20%

 

***

Tax on STCG covered u/s 111A

15%

 

***

Other Income
30%/40%*
 
***

Tax Liability [A]

 

 

***
18.5% of Book Profit u/s 115JB [B]
   
***  
Tax liability before surcharge and cess [Being Higher of A and B]
   
***
Add: Surcharge (If total income** exceeds Rs.1 Crore)
5%/2%*
 
***
Tax liability after surcharge but before cess
   
***
Less: Marginal Relief (if any)    
***
      ***

Add : Education cess & SHEC @ 3%

 

 

**

Tax liability after education cess

 

 

***

Less : Relief u/s 86, 89, 90 & 91

 

 

**

Tax liability

 

 

***

Less : Advance Tax

 

***

 

Less: MAT Credit  
***
 

Less : Tax Deducted / Collected at Source

 

***

 

Less : Any other prepaid tax

 

***

***

Tax Payable ( if + ve) or Refundable ( if - ve) (Rounded of u/s 288B)

***

* in case of foreign company
** If tax is paid on book profit (i.e, when 'B' is higher), book profit shall be considered as total income

In case of foreign company, concessional tax rates are applicable on certain income. Click here

 

Co-operative Society

A co-operative society is liable to pay tax at the following rate:

Income

Rate of Tax

Rs.10000

10%

Next Rs.10000

20%

Balance income

30%

Tax is further enhanced by education cess & SHEC @ 3%.

Local Authority  

Tax rate " 30% (plus education cess & SHEC @ 3%). No surcharge shall be levied.