Tax rates for Tax Year 2012

Usually it’s difficult to find tax rates and slobs when required urgent , that’s why I am sharing almost all frequently used tax rates and slabs for almost every kind of person employed , self employed and companies , hopefully you will find this information useful , for tax rates and slabs are given below.

Tax Rates for NON-SALARIED INDIVIDUALS

(For Reference Read Division1, part 1 of first Schedule)

S. No Income Slab Tax Rate
1 Upto Rs 350,000

0.00%

2 Rs 350,001 to Rs 500,000

7.50%

3 Rs 500,001 to Rs 75,000

10.00%

4 Rs 75,001 to Rs 1,000,000

15.00%

5 Rs 1,000,001 to Rs 1,500,000

20.00%

6 Exceeding Rs 1,500,001

25.00%


Tax rate for ASSOCIATION OF PERSONS

(For Reference Read Division1, part 1 of first Schedule)

Tax rate of tax imposed on taxable income of Association of persons for the tax year 2010 and onward

25%


Tax rates for SALARIED PERSONS

S.No

Income Slab

Tax Rate

MRT (optional)

1 Upto Rs 350,000

0.00%

0%

2 Rs 350,00 to Rs 400,000

1.50%

20%

3 Rs 400,001 to Rs 450,000

2.50%

20%

4 Rs 450,001 to Rs 550,000

3.50%

20%

5 Rs 550,000 to Rs 650,000

4.50%

30%

6 Rs 650,001 to Rs 750,000

6.00%

30%

7 Rs 750,001 to Rs 900,000

7.50%

30%

8 Rs 900,001 to Rs 1,050,000

9.00%

30%

9 Rs 1,050,001 to Rs 1,200,000

10.00%

40%

10 Rs 1,200,001 to Rs 1,450,000

11.00%

40%

11 Rs 1,450,000 to Rs 1,700,000

12.50%

40%

12 Rs 1,700,001 to Rs 1,950,000

14.00%

40%

13 Rs 1,950,001 to Rs 2,250,000

15.00%

40%

14 Rs 2,250,001 to Rs 2,850,000

16.00%

50%

15 Rs 2,850,001 to Rs 3,455,000

17.00%

50%

16 Rs 3,455,000 to Rs 4,550,000

18.50%

50%

17 Exceeding Rs 4,550,001

20.00%

60%

 

Rebate for teachers and Researchers

(Clause (2) Part III of Second Schedule)

Reduction on 75% tax for full time Teacher or Researcher, employed in Recognized NPE or Research institution including Govt. Training and research institutions.

Tax Rate for COMPANIES

Type Tax Rate
Public /Private / Banking Companies 35%
Small Company 25%

 

Minimum Tax

Nature of Payment Section Rate
Minimum Turnover Tax for Companies ( except otherwise Specified) 113 1% of turnover
MINIMUM TURNOVER TAX for individuals (  having annual turnover  Rs. 5o M or more in 2009 subsequent year) and AOPs ( having annual turnover Rs 50 M or more in 2007 of subsequent year) 113 1% of turnover
Taxpayer engaged in business of distribution of Pharmaceutical, Fertilizers and Flour Milling 113 0.2 % of turnover
IMPORTS (Edible oil and packing material) 148(8) 5%
SERVICES 153(1)(b) 6%
SERVES to Zero-rated Sectors ( Textile , Carpet, Leather, Surgical $ Sports) 233 (a),

(b) $ (c)

0.01%
Electricity Bill (Ind $ AOPs) 235 (4)(a) Upto Bill Rs 30,000

 

TAX on Retailers

Annual Turnover INCOME TAX
RETAILER (Individual or AOP) Having annual turnover upto Rs 5 Million (u/s 113-A) optional 1.00%
*RETAILER (individual or AOP) Having annual turnover exceeding Rs. 5 Million but not exceeding Rs 10 Million (u/s 113-8) Rs 25,000 + 0.5% of turnover exceeding Rs 5 Million
*RETAILER ( Individual or AOP) Having annual turnover exceeding  Rs 10 Million (u/s 113-8) Rs 50,000 + 0.75% of turnover exceeding Rs 10 million
Retailers u/s 113A & 113B cannot claim adjustment of withholding tax
*s. tax payable under Chapter II of S. Tax Special Procedure Rules, 2007

 

*Final Discharge of Tax

Nature of Payment Section Rate
Income from Property 15(6) 5% to 10%
Import  (commercial) 148 5%
Dividend (expert companies) 150 7.5% to 10%
Profit on Debt (Except Companies) 151 10%
Royalty or fee for Technical Services received by non Residents 152(1) 15%
Sales of good (except manufacturing companies) 153(1)(a) 3.50%
Sales of rice , cotton seed & edible Oils to prescribed persons 153(1)(a) 1.50%
Supplies to Zero rated sectors (Textile , carpet, Leather, Footwear, Surgical & Sports) 153(1)(a) 1%
Contracts (except listed companies) 153(1)(c) 6%
Services rendered to Exporter or Export house of stitching, Dying, printing, Embroidery, washing, sizing & weaving 153(2) 0.50%
Advertisement services to nonresident media person 153 A 10%
Exports 154 1%
Indenting commission 154(2) 5%
Prizes & winnings 156 105 to 20%
Commission on petroleum products 156 A 10%
Brokerage and commission 233 (1) 10%
Goods transport vehicle 234 (1) Rs 1 / Kg of Laden weight
CNG station (on amount of Gas Bill) 234 A 4%

*If tax deducted of individuals (covered under FTR) is Rs 35,000/- or more, filing of wealth statement & reconciliation is compulsory u/s 116(4)

Wealth statement and reconciliation u/s 116(2)

Filing of wealth statement along with reconciliation u/s 116(2) is compulsory for all individual ( including salaried) taxpayers, where declared income is Rs 1,00,00/- or more

 

Senior Citizen Allowance

(Clause (1A) part III of the second schedule)

Reduction @ 50% in tax having age of 60 years or above , where regular income is upto Rs, 1,000,000/- from all sources except income covered under FTR