Tax Rates: Income Tax for AY 2013-14 & 2012-13 for All, Minimum Alternate Tax and all taxable income in IT Act
TAX RATES
INCOME-TAX
Individuals, Hindu undivided families, AOPs, BOIs - The tax rates applicable to individuals are also applicable to a Hindu undivided family, an association of persons, body of individuals or an artificial juridical person. The rates applicable for the assessment years 2012-13 and 2013-14 are as follows :
ASSESSMENT YEAR 2013-14 - Tax rates for the assessment year 2013-14 are given below-
• FOR A RESIDENT SENIOR CITIZEN (WHO IS 60 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR BUT NOT MORE THAN 80 YEARS ON THE LAST DAY OF THE PREVIOUS YEAR, i.e., BORN DURING APRIL 1, 1933 AND MARCH 31, 1953)—
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,50,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,50,000 - Rs. 5,00,000
|
10% of (total income minus Rs. 2,50,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 - Rs. 10,00,000
|
Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 10,00,000
|
Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)
|
2% of income-tax
|
1% of income-tax
|
• FOR A RESIDENT SUPER SENIOR CITIZEN (WHO IS 80 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR, i.e., BORN BEFORE APRIL 1, 1933)—
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 5,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 5,00,000 – Rs. 10,00,000
|
20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 10,00,000
|
Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)
|
2% of income-tax
|
1% of income-tax
|
• FOR ANY OTHER INDIVIDUAL (BORN ON OR AFTER APRIL 1, 1953), EVERY HUF / AOP / BOI / ARTIFICIAL JURIDICAL PERSON-
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,00,000 – Rs. 5,00,000
|
10% of (total income minus Rs. 2,00,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 – Rs. 10,00,000
|
Rs. 30,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 10,00,000
|
Rs. 1,30,000 + 30% of (total income minus Rs. 10,00,000)
|
2% of income-tax
|
1% of income-tax
|
Notes:
1. Surcharge - Nil
2. Education cess - It is 2 per cent of income-tax.
3. Secondary and higher education cess - It is 1 per cent of income-tax.
• Alternate minimum tax - For the assessment year 2013-14, tax payable by an individual cannot be less than 18.5 per cent (+EC + SHEC, effective rate 19.055 per cent) of "adjusted total income" as per section 115JC.
ASSESSMENT YEAR 2012-13 - Tax rates for the assessment year 2012-13 are given below-
• FOR A RESIDENT WOMAN (WHO IS BELOW 60 YEARS ON THE LAST DAY OF THE PREVIOUS YEAR, i.e., BORN ON OR AFTER APRIL 1, 1952)-
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 1,90,000
|
Nil
|
Nil
|
Nil
|
Rs. 1,90,000 - Rs. 5,00,000
|
10% of (total income minus Rs. 1,90,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 - Rs. 8,00,000
|
Rs. 31,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 91,000 + 30% of (total income minus Rs. 8,00,000
|
2% of income-tax
|
1% of income-tax
|
• FOR A RESIDENT SENIOR CITIZEN (WHO IS 60 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR BUT NOT MORE THAN 80 YEARS ON THE LAST DAY OF THE PREVIOUS YEAR, i.e., BORN DURING APRIL 1, 1932 AND MARCH 31, 1952)
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 2,50,000
|
Nil
|
Nil
|
Nil
|
Rs. 2,50,000 – Rs. 5,00,000
|
10% of (total income minus Rs. 2,50,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 – Rs. 8,00,000
|
Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 85,000 + 30% of (total income minus Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
• FOR A RESIDENT SUPER SENIOR CITIZEN (WHO IS 80 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR, i.e., BORN BEFORE APRIL 1, 1932) –
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 5,00,000
|
Nil
|
Nil
|
Nil
|
Rs. 5,00,000 – Rs. 8,00,000
|
20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 60,000 + 30% of (total income minus Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
• FOR ANY OTHER INDIVIDUAL (BORN ON OR AFTER APRIL 1, 1952), EVERY HUF / AOP / BOI / ARTIFICIAL JURIDICAL PERSON–
Net income range
|
Income-tax rates‡
|
Education cess
|
Secondary and higher education cess
|
Up to Rs. 1,80,000
|
Nil
|
Nil
|
Nil
|
Rs. 1,80,000 – Rs. 5,00,000
|
10% of (total income minus Rs. 1,80,000)
|
2% of income-tax
|
1% of income-tax
|
Rs. 5,00,000 – Rs. 8,00,000
|
Rs. 32,000 + 20% of (total income minus Rs. 5,00,000)
|
2% of income-tax
|
1% of income-tax
|
Above Rs. 8,00,000
|
Rs. 92,000 + 30% of (total income minus Rs. 8,00,000)
|
2% of income-tax
|
1% of income-tax
|
Notes:
1. Surcharge - Nil
2. Education cess - It is 2 per cent of income-tax.
3. Secondary and higher education cess - It is 1 per cent of income-tax.
Firms - A firm is taxable at the rate of 30 per cent for the assessment years 2012-13 and 2013-14.
Surcharge : Nil
Education cess - It is 2 per cent of income-tax.
Secondary and higher education cess - It is 1 per cent of income-tax.
• Alternate minimum tax in the case limited liability partnership for the assessment years 2012-13 and 2013-14 - For the assessment years 2012-13 and 2013-14, tax payable by a limited liability partnership cannot be less than 18.5 per cent (+EC + SHEC, effective rate 19.055 per cent) of "adjusted total income" as per section 115JC.
• Alternate minimum tax in the case a firm (not being limited liability partnership) for the assessment year 2013-14 - For the assessment year 2013-14, tax payable by a firm (not being limited liability partnership) cannot be less than 18.5 per cent (+EC + SHEC, effective rate 19.055 per cent) of "adjusted total income" as per section 115JC.
Companies - For the assessment years 2012-13 and 2013-14 the following rates of income-tax are applicable:
Company
|
Rate of income-tax
(per cent)
[see also para 0.1-6]
|
In the case of a domestic company
In the case of a foreign company
|
30
|
• royalty received from Government or an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government
|
50
|
• Other income
|
40
|
Surcharge - Surcharge is applicable at the rates given below.
If net income
does not exceed
Rs. 1 crore
|
If income
exceeds Rs. 1 crore
| |
Domestic company
|
Nil
|
5%*
|
Foreign company
|
Nil
|
2%*
|
*It is 2% or 5% of income-tax. Marginal relief is available which is given below—
Marginal relief - In the case of a company having a net income of exceeding Rs. 1 crore, the net amount payable as income-tax and surcharge shall not exceed the total amount payable as income- tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
Education cess - It is 2 per cent of income-tax and surcharge.
Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.
MINIMUM ALTERNATE TAX - The following rate of minimum alternate tax shall be applicable for the assessment years 2012-13 and 2013-14.
If book profit does not exceed
Rs. 1 crore
|
If book profit exceeds
Rs. 1 crore
| |||||||||
IT
|
SC
|
EC
|
SHEC
|
Total
|
IT
|
SC
|
EC
|
SHEC
|
Total
| |
Domestic company
|
18.5
|
-
|
0.37
|
0.185
|
19.055
|
18.5
|
0.925
|
0.3885
|
0.19425
|
20.00775
|
Foreign company
|
18.5
|
-
|
0.37
|
0.185
|
19.055
|
18.5
|
0.37
|
0.3774
|
0.1887
|
19.4361
|
Note - If book profit of a company for the assessment years 2012-13 and 2013-14 exceeds Rs. 1 crore, the minimum alternate tax cannot exceed the following : (Rs. 18.5 lakh + book profit - Rs. 1 crore) + EC
+ SHEC.
Co-operative societies - The following rates are applicable to a co-operative society for the assessment years 2012-13 and 2013-14-
(Percent)
Net income range
|
Rate of income-tax
[See also 0.1-6]
|
Up to Rs. 10,000
|
10
|
Rs. 10,000 - Rs. 20,000
|
20
|
Rs. 20,000 and above
|
30
|
Surcharge : Nil.
Education cess - It is 2 per cent of income-tax.
Secondary and higher education cess : It is 1 per cent of income-tax.
• Alternate minimum tax - For the assessment year 2013-14, tax payable by a co-operative society cannot be less than 18.5 per cent (+EC + SHEC, effective rate 19.055 per cent) of "adjusted total income" as per section 115JC.
Local authorities - Local authorities are taxable at the rate of 30 per cent. Surcharge : Nil.
Education cess - It is 2 per cent of income-tax.
Secondary and higher education cess : It is 1 per cent of income-tax.
• Alternate minimum tax - For the assessment year 2013-14, tax payable cannot be less than 18.5 per cent (+EC + SHEC, effective rate 19.055 per cent) of "adjusted total income" as per section 115JC
Tax rates specified in the Income-tax Act - The following incomes are taxable at the rates specified by the Income-tax Act and not at the rates :
Section
|
Income
|
Income-tax rates†
|
(1)
|
(2)
|
(3)
|
111A
|
Short-term capital gains
|
15
|
112
|
Long-term capital gains
|
20
|
115A(1)
|
Dividend received by a foreign company or a non-resident
| |
(a)(i)
|
non-corporate assessee [*it is not applicable in the case of
dividends referred to in section 115-O]
|
20*
|
115A(1)
(a)(ii)
|
Interest received by a foreign company or a non-resident
non-corporate assessee from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency
|
20
|
115A(1)
(a)(iia)
|
Interest received from an infrastructure debt fund referred to
in section 10(47)
|
5
|
115A(1)
(a)(iiaa)
|
Interest received from an Indian company specified in
section 194LC (applicable from July 1, 2012, i.e., assessment year 2013-14)
|
5
|
115A
(1)(b)
|
Royalty or fees for technical services received by a foreign
company or non-resident non-corporate assessee from
an Indian concern or Government in pursuance of an agreement
approved by the Central Government and made after—
a. March 31, 1976 but before June 1, 1997 b. May 31, 1997 but before June 1, 2005
c. May 31, 2005
|
30
20
10
|
115AB
|
Income of an overseas financial organisation on transfer of
units purchased in foreign currency being long-term capital gains
|
10
|
115AC
|
Income from bonds or Global Depository Receipts1 or on bonds or Global Depository Receipts1 of a public sector company sold by the Government and purchased in foreign currency or
long-term capital gains arising from their transfer *[not applicable in the case of dividends referred to in section 115-O]
|
10*
|
115ACA
|
Income from Global Depository Receipts held by a resident
individual who is an employee of an Indian company engaged
in information technology software/services††
• Dividend [other than dividend referred to in section 115-O] on Global Depository Receipts issued under employees stock option scheme and purchased in foreign currency
• Long-term capital gain on transfer of such receipts
|
10
10
|
115AD
|
Income in respect of securities received by a Foreign Institutional
Investor as specified1 by the Government
• Short-term capital gain covered by section 111A
• Any other short-term capital gain
• Long-term capital gain
• Other income [*not applicable in the case of dividends referred to in section 115-O]
|
15
30
10
20*
|
115B
|
Profits and gains of life insurance business
|
12.5
|
115BB
|
Winnings from lotteries, crossword puzzles, or race including horse race (not being income from the activity of owning and maintaining race horse) or card game and other game of any sort or from gambling or betting of any form or nature
|
30
|
115BBA(1)
(a)/(b)
|
Income of a non-resident foreign citizen sportsman for
participation in any game in India or received by way of advertisement or for contribution of articles relating to any game or sport in India or income of a non-resident sport association by way of guarantee money
- For the assessment year 2012-13
- For the assessment year 2013-14
|
10
20
|
115BBA
(1)(c)
|
Income of non-resident foreign citizen (being an entertainer)
for performance in India (applicable from the assessment year 2013-14)
|
20
|
115BBC
|
Anonymous donation
|
30
|
115BBD
|
Income of an Indian company by way of dividends declared, distributed or paid by a specified foreign company (in which the Indian company holds 26 per cent or more of equity shares capital)
|
15
|
115BBE
|
Income referred to in sections 68, 69, 69A, 69B, 69C and 69D (applicable from the assessment year 2013-14)
|
30
|
115E
|
Income from foreign exchange assets and capital gains of
non-resident Indian
a. income from foreign exchange asset [*not applicable in the case of dividends referred to in section 115-O]
b. long-term capital gain
|
20*
10
|
115JB
|
Tax on book profits of certain companies
|
18.5%
|
115JC
|
- Alternate minimum tax in the case of a limited liability
partnership (applicable for the assessment year 2012-13)
- Alternate minimum tax in the case of any taxpayer (including limited liability partnership but other than a company) (applicable from the assessment year 2013-14)
|
18.5
18.5
|
161(1A)
|
Profits and gains of a business in the case of a trust
|
30
|
164
|
Income of private discretionary trust where shares of
beneficiaries are indeterminate
|
30
|
164A
|
Income of an oral trust
|
30
|
167A
|
Income of a firm
|
30
|
167B
|
Income of an association of persons or body of individuals if shares of members are unknown
|
30
|
167B(2)
|
Income of an association of persons or body of individuals if total income of any member (excluding share from the association or body) exceeds the maximum amount not chargeable to tax [*if total income of any member of the association or body is chargeable to tax at a rate higher than
30.9 per cent, then tax shall be charged on that portion of the total income of the association/body which is relatable to the share of such member at such higher rate and the balance of the total income is taxable at a rate of 30.9 per cent]
|
30*
|
Notes :
1. Surcharge - The above income-tax rates are subject to surcharge as follows
Assessment year
2012-13 and 2013-14
| |
Individuals/HUF/AOP/BOI
|
Nil
|
Artificial juridical person
|
Nil
|
Co-operative society, local authority
|
Nil
|
Firm
|
Nil
|
Domestic company if net income does not exceed Rs. 1 crore
|
Nil
|
Domestic company if net income exceeds Rs. 1 crore
|
5%
|
Foreign company if net income does not exceed Rs. 1 crore
|
Nil
|
Foreign company if net income exceeds Rs. 1 crore
|
2%
|
1. In the case of section 115JB, surcharge is applicable only if book profit exceeds Rs. 1 crore.
2. Education cess - 2 per cent of sum total of income-tax and surcharge
3. Secondary and higher education cess : 1 per cent of income-tax and surcharge.
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