Income Tax :- Income Tax Slabs for the F.Y. 2017-18

Financial Year 2017-18

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals

Total Income (Rs.) Tax Rate (%)

Upto Rs. 250,000*          Nil

250,001 to 500,000           5

500,001 to 10,00,000 20

Above Rs. 10,00,000 30

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 3,00,000

*Relief for Taxpayers in the first bracket of '250000' to '350000'. A Tax credit of 2500 to every person with total income upto 3,50,000

The category of women below the age of 65 years has been removed

B. Tax Rates For Senior Citizens (80 Years Or Above)

Total Income (Rs.) Tax Rate (%)

Upto Rs. 500,000*         Nil

500,001 to 10,00,000 20

Above Rs. 10,00,000 30

Surcharge is @ 15% if total taxable income is in excess of Rs. 10,000,000

Education cess is applicable @ 3% on income tax

Marginal relief may be available

C. Tax Rates For For Partnership Firms

                             Tax Rate (%)

Partnership Firms are taxable @ 30%

Surcharge is @ 12% if total taxable income is in excess of Rs. 10,000,000

Education cess is applicable @ 3% on income tax

D. Tax Rates For Domestic Companies

                             Tax Rate (%)

Domestic companies are taxable @ 25% where gross receipt in the previous year does not exceed fifty crore rupees

Domestic companies are taxable @ 30% where gross receipt in the previous year exceed fifty crore rupees

Surcharge is 7 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000

Surcharge is 12 % if total taxable income is in excess of Rs. 100,000,000

Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

E. Tax Rates For Foreign Companies

                              Tax Rate (%)

Foreign companies are taxable @ 40%

Surcharge is 2 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000

Surcharge is 5 % if total taxable income is in excess of Rs. 100,000,000

Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

F. In the case of every co-operative society Tax Rate (%)

(1) where the total income does not exceed Rs. 10,000 10 per cent. of the total income

(2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000

(3) where the total income exceeds Rs. 20,000 

10 per cent. of the total income; Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000

Surcharge is 12 % if total taxable income is in excess of Rs. 10,000,000

Education cess is applicable @ 3% on income tax

Income Tax :- New Income Tax Slab through a Picture.

New Income Tax Slabs for Assessment Year 2015-16 in a photo.

Income Tax Slab

Every year with Government budget, the most common expectation an Indian citizen has is of ‘change for better’ in the Income tax slab. Income tax has been one of the oldest forms of tax, and it has been present from generations, and is never likely to disappear. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.

Categories for Income Tax Slab: 

1. Male/Female Individual below 60 years of age, and HUF (Hindu undivided Family) 
2. All individuals over 60 years of age but under 80 years (Senior citizen) 
3. All individuals over 80 years of age (Super Senior citizen) 

Category A:

1. Gender: Male /Female
2. Age: Under 60 years for the current financial year. (How to compute age for tax purpose)
3. Date of birth: If you are born on or after 01st April 1955

A rebate of Rs 2000 will be available for individuals with income less than Rs 5 lakhs u/s 87A

To view previous Income Tax Slabs (Click Here)

Free Excel Based Income Tax Calculator for A.Y. 2015-16 (Click Here)

Income Tax :- 15 Years Income Tax Slabs in one screen.

Friends,    Income Tax slabs w.e.f. 01.04.2000 to 31.03.2015 means 15 Years Income Tax slabs are available in one screen.   Separate sheet for each year is available in online Excel sheet.   You may select any sheet of any year  for checking Income Tax Slabs.   Financial year wise sheets are available in the following names :-

1.  Sheet Name = FY 0001 contains  Income tax slabs for Financial Year 2000-2001

2.  Sheet Name = FY 0102 contains  Income tax slabs for Financial Year 2001-2002

3.  Sheet Name = FY 0203 contains  Income tax slabs for Financial Year 2002-2003

4.  Sheet Name = FY 0304 contains  Income tax slabs for Financial Year 2003-2004

5.  Sheet Name = FY 0405 contains  Income tax slabs for Financial Year 2004-2005

6.  Sheet Name = FY 0506 contains  Income tax slabs for Financial Year 2005-2006

7.  Sheet Name = FY 0607 contains  Income tax slabs for Financial Year 2006-2007

8.  Sheet Name = FY 0708 contains  Income tax slabs for Financial Year 2007-2008

9.  Sheet Name = FY 0809 contains  Income tax slabs for Financial Year 2008-2009

10.Sheet Name = FY 0910 contains  Income tax slabs for Financial Year 2009-2010

11.Sheet Name = FY 1011 contains  Income tax slabs for Financial Year 2010-2011

12.Sheet Name = FY 1112 contains  Income tax slabs for Financial Year 2011-2012

13.Sheet Name = FY 1213 contains  Income tax slabs for Financial Year 2012-2013

14.Sheet Name = FY 1314 contains  Income tax slabs for Financial Year 2013-2014

15.Sheet Name = FY 1415 contains  Income tax slabs for Financial Year 2014-2015

http://www.tdstaxindia.com/2013/01/new-income-tax-slabrate.html

Direct Download 

Click here to view above online excel sheet

Download complete Budget Speech in PDF  Format

Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)

Budget 2014-15  Highlights (Click Here)

New Income Tax Slab according to Budget 2014-15

With the finance minister Arun Jaitley’s announcement to raise the individual income tax  exemption limit, the following are the New Income Tax slabs and rates for the Fiscal year  2014-15.

In his maiden Union Budget, Jaitley said that there is little scope for the government to provide the relief for individuals in income tax. He said that the previous government has left the very challenging revenue target. However, he announced Rs 50, 000 raise in tax exemption limit for individuals below the age of 60 years and above 60 years respectively.

For the Fiscal year 2014-15, Individuals below the age of 60 years the new Income tax slab is Rs 2, 50, 000 while for seniors citizens the new slab is Rs 3, 00, 000 from existing Rs 2.5 lakh.

As per the new Income Tax slabs, Individuals will have to pay taxes above the income of Rs 2.5 lakh for individuals below the age of 60 years and Rs 3 lakh for senior citizens. At least Rs 5150 will be saved by an individual after the raise in exemption limit.

Income Range	General (non-senior citizens) Category	Women Below 60 years of age	Senior Citizen above 60 years of age & Less than 80 years	Super Senior Citizen above 80 years
Rs 2.5 Lakh	Nil	Nil	Nil	Nil
Rs 2, 50001-Rs 3, 00, 000	10%	10%	Nil	Nil
Rs. 3,00,001 to Rs. 5,00,000	10%	10%	10%	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%	20%	20%	20%
Above Rs. 10,00,000	30%	30%	30%	30%

Budget 2014-15  Highlights (Click Here)

Download complete Budget Speech in PDF  Format

Download complete Budget Speech in Word Format

Income Tax :- Excellent Features in Java Based Income Tax Return Utility.

Friends, 

                    Today, I have checked new Java Based Income Tax Return Utility issued by Income Tax department for the Financial Year 2013-14.  The two new excellent features have been added in it. 

1.       Pre-Fill 

2.       Instant Display of Validation Errors 

                  The above two features can be viewed in below screen shoots.

                    In case you are not able to view the validation errors showing in right top of  the screen.  You may click on view near with file & tool button (available in left top) and enable Show Validation or press Alt+D button for getting validation error messages. 

Pre-Fill Data

           This function is too much easy & simple that can not imagine by anyone.   Just click the button and enter e-filing User ID and e-filing Password.  There is no need of  download & upload function as used in earlier excel based utility. 

Income Tax :- Income Tax Return Utility for Assessment Year 2014-15

Friends  

                Income Tax Department has released following Income Tax Return Utility for assessment year 2014-15.  These income tax utilities are java based.  

              To know how to install/configure and run java, please Click Here 

              

How to use this ITR Form? 

These ITR Forms are developed using the latest in JAVA technology and effort has been made to  make it user friendly, simpler and faster preparation of tax returns. This utility can be run on operating  systems like Windows 7.0 or above and latest Linux, where Java Runtime Environment Version 7  Update 6 (jre 1.7 is also known as jre version 7) or above is installed. 

Note: 

i.Please make sure you have the latest version of the utility before you start filling the information into  the utility. 

ii. Please make sure you're connected to the internet for submission of the ITR Form. 

The following are features available in the ITR Form. 

1. New - On click of this button, a new copy of the ITR form will be available. If you have already  opened the ITR form, you will be prompted to save the earlier copy. 

2. Open -This option is for importing the XML (successfully generated earlier) of a particular A.Y.  Select the path and import the XML. You should check/validate the contents before finalizing  upload/submission. 

3. Save - You can save your completed XML in the desired path/location of your desktop. 

4. Save Draft - This option can be used to save your XML. Please note you cannot upload an  XML which was saved using the ‘Save draft’ option. Only a complete XML generated using  the ‘Save’ option can be uploaded successfully. 

5. Prefill -This option can be used to auto-fill your Personal, Address and Tax details. You will be  prompted to provide your User ID, Password and DOB/DOI to fetch the data. It is advisable to  complete this activity before you start entering other data. Please check/validate the contents.  Please make sure you're connected to the internet to avail this feature. 

6. Re-Calculate - On clicking this button, the data in the utility will be re-calculated. This is to  provide with the utility based calculation/validation. 

7. Submit -Click this button to upload the XML in e-Filing portal. You'll be prompted to provide  your e-Filing credentials, User ID, Password and DOB/DOI. Post submission, the success  message and the acknowledgment number will be displayed. You will be able to download  ITR-V. Please make sure you're connected to the internet to avail this feature. (if the return is  submitted without a DSC) as well. 

8. Help - This option will let you know the shortkeys, instructions, settings and how to use this 

ITR form. 

9. Previous/Next- These will help you to navigate to the various tabs of the ITR form. 

 Shortcut keys 

1 Alt + N Opens a new ITR 

2 Alt + S Saves the ITR in the user desired path 

3 Alt + F4 Closes the utility 

4 Alt + I Imports the XML file 

5 Alt + F Pre-fills the ITR 

6 Alt + C Clears the validation errors 

7 Alt + D Hides/Shows the validation window 

8 Alt + G Opens the SUBMIT screen to submit the ITR 

9 Alt + R Re-calculates the tax details as per the Utility 

Settings 

Following are the recommended settings to use the ITR Utility : 

Software: 

Java Run time Environment Version 7 Update 6 (jre 1.7 is also known as jre version 7) or above 

Any Zip Software to unzip the utility 

Internet Connection: 

Minimum bandwidth of 256 kbps and above 

Checklist of documents and pre-requisites

1. A copy of last year's tax return.

2. Bank Statement

3. TDS certificates

4. Savings certificates/deductions. 

5. Interest statement showing interest paid t you throughout the year.

6. Balance Sheet, P&L Account statements and other Audited reports wherever applicable . 

Downloads

1.  Download Java Based  ITR-1 Sahaj   for Individuals having income from Salary & Interest
               or  Excel Based
2.  Download Java Based  ITR-2  for Individuals and HUFs not having income from Business or Profession
               or  Excel Based 
3.  Download Java Based  ITR-3 for Individuals/HUFs being partners in firms and not carrying out
                                          business or profession under any proprietorship.
4.  Download Java Based  ITR-4 for Individuals & HUFs having income from a proprietory business
                                         or profession.

5.  Download Java Based  ITR-4S Sugam for Individuals/HUF having income from presumptive business.
               or  Excel Based 
6.  Download Java Based  ITR-5 for Firms, AOPs, BOIs and LLP
7.  Download Java Based  ITR-6 for Companies other than companies claiming exemption under section 11.
8.  Download Java Based  ITR-7 for persons inluding companies required to furnish return under
                                         section 139(4A) ore section 139(4B) or section 139(4C) or section 139(4D)

Income Tax :- 30th Sep,2013 (Last Date for submission of Income Tax Return)

Friends,  30-09-2013 is a last date for submission of income tax return for Assessment Year 2013-14.   In case you have not submitted your return till date, you may download free excel based utility either from https://incometaxindiaefiling.gov.in/ or from www.tdstaxindia.com.  

Different forms of the different years alongwith important links for e-filing are available at w w w . T d s T a x I n d i a . c o m. 

Income Tax :- Updated ITR Forms excel based for A.Y. 2013-14

Friends, 

                 Today is 26th Sep, 2013 and last date for submission of ITR forms are too much near which is  30-09-2013.   Due to heavy rush there are chances that you may not download updated ITR forms from www.incometaxindiaefiling.gov.in.   Therefore, all excel based updated ITR forms for assessment year 2013-14 or financial year 2012-13 have been uploaded separately in below link. 

 in ITR FORMS

http://www.tdstaxindia.com/2013/06/income-tax-indian-income-tax-return.html 

                   User may download any Income Tax return form from above link.  Users are once again requested to download above updated ITR forms keeping in view time to time updation by Income Tax Department, in case he has already downloaded the same. 

Income Tax :- Indian Income Tax Return Forms for Assessment Year 2013-14 or Financial Year 2012-13

Friends,

               Now excel based SAHAJ ITR-1, ITR-2, ITR-3,ITR-4 forms are available for submission of  online income tax returns for the Financial Year 2012-13 or Assessment Year 2013-14.  Download links for RPU's  (Return Preparation Utility)  are given as under :-

Mandatory e-filing having total income exceeds Rs. 5,00,000.00

Online Income Tax Preparation Software for Assessment Year 2013-14

Income Tax Return Preparation Softwares for Assessment Year 2013-14

• SAHAJ ITR-1 (for Individuals having Income from Salary/Pension/Income from one House Property (excluding loss brought forward from previous years)/Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)          (Download) Latest Release.
  
• ITR-2 (For Individuals and HUFs not having Income from Business or Profession) (Download) Latest Release.
• ITR-3 (For Individuals/HUFs being partners in Firms and not carrying out business or profession under any proprietorship) (Download) Latest Release.
• ITR-4 (For Individuals and HUFs having income from a proprietary business or profession) (Download) Latest release.
• ITR-4S (SUGAM) (Presumptive Business Income Return) (Download) Latest  Release.
   PDF format (Download)
• ITR-5 (For Firms, AOPs and BOIs) (Download) Latest Release.
• ITR-6  (For including Fringe Benefit Tax Return) (For Companies other than Companies claiming exemption under section 11) (Download) Latest Release.
• ITR-7 (For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) as per rule 12 of the Income Tax Rules,1962 (Download)

To Download Manual Income Tax Forms for A.Y. 2013-14 (Click Here)

Individual Income Tax Calculator for A.Y. 2013-14 in a single Excel Sheet

       Income Tax Calculator in excel sheet for the Financial Year 2012-13 or Assessment Year 2013-14  is ready.  Employee wise data can be stored in it.  Mainly this file is much helpful at the time of e-filing of annual return of salary data or to make provision for advance tax of individuals  for the Financial Year 2012-13.

Free Excel Based Income Tax Calculator w.e.f. April 1, 2005 to up to Date (Click Here)

To view on line Income Tax Calculator for the F.Y. 2010-11 (click here)

Click Here to Download excel Sheet for F.Y. 2011-12 with New Format of Form 16 

Income Tax Slabs for Assessment Year 2014-15

Income Tax Slabs for the Financial Year 2013-14 or Assessment Year 2014-15

Up to Rs. 2,00,000                                                  Nil;

Rs. 2,00,001 to Rs. 5,00,000                         10 per cent.

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs.10,00,000                                      30 per cent.

(ii)  In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year:—

Up to Rs. 2,50,000                                                  Nil;

Rs. 2,50,001 to Rs. 5,00,000                         10 per cent.

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs. 10,00,000                                     30 per cent.

(iii) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year:—

Up to Rs. 5,00,000                                                  Nil;

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs. 10,00,000                                     30 per cent.

The surcharge in cases of persons referred to in this paragraph, having income above one crore rupees shall be levied at the rate of ten per cent. Marginal relief will be provided.

           As already defined that a rebate of Rs. 2000/- of Income Tax will be provided under section 87A which is detailed here (click here to know more)

To Check Previous Years Income  Tax Slabs (Click Here)

New Income Tax Slab/Rate

Latest/New Slab of Income Tax

(for Individuals and HUF's )

To view and download (click here) 

As a human, it is not possible to remember all Income Tax Rates for all years.  There are many reasons for requirement of Income Tax Rates/Slabs for last years like scrutiny, filing of last year Income Tax Returns etc. Therefore all Income Tax Slabs w.e.f. Financial Year 2000-2001 for Male , Female , Senior Citizen or Senior Citizen > 80 years to meet the general requirement are given below : -

                                                                                          Direct Download 
Agricultural income is exempt from income-tax

=====================================================

• Due Dates for Advance Tax (Click Here)
• Excel based Income Tax Calculator for A.Y. 10-11 (Click Here)

• Form 16A New Excel Based Format
• Form 16    New Excel Based Format
• Form 27D New Excel Based Format
• Form 27A New Excel Based Format
• Download another Important Forms

COST INFLATION INDEX:

The Central Government has notified the Cost Inflation Index for the purpose of long term Capital Gain as follows:

Financial Year Cost Inflation Index

1. 1981-82 100
2. 1982-83 109
3. 1983-84 116
4. 1984-85 125
5. 1985-86 133
6. 1986-87 140
7. 1987-88 150
8. 1988-89 161
9. 1989-90 172
10. 1990-91 182
11. 1991-92 199
12. 1992-93 223
13. 1993-94 244
14. 1994-95 259
15. 1995-96 281
16. 1996-97 305
17. 1997-98 331
18. 1998-99 351
19. 1999-2000 389
20. 2000-2001 406
21. 2001-2002 426
22. 2002-2003 447
23. 2003-2004 463
24. 2004-2005 480
25. 2005-2006 497
26. 2006-2007 519
27. 2007-2008 551
28. 2008-2009   582
29. 2009-2010   632
30. 2010-2011   711
31. 2011-2012   785
32. 2012-2013   852
33. 2013-2014  1024

Income Tax :- Savings /Deduction > 1,00,000 u/s 80CCG

Friends,  Income Tax Department has notified new Notification Dated 23.11.2012 regarding Rajiv Gandhi Equity Savings Scheme, 2012.   Earlier benefit of investment in infrastructure bond was taken by an Individual etc. But now w.e.f.. A.Y. 2013-14 or Financial Year 2012-13,  deduction in investment in Infrastructure bond has been stopped and a new deduction u/s 80CCG as investment in Rajiv Gandhi Equity Savings Scheme 2012 has been started. 

                The benefit of this scheme can bet availed under some conditions. 

1. Eligibility .- The deduction under the Scheme shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to  ten lakh rupees.

2. Procedure at time of opening demat account.-The new retail investor shall  follow the following procedure at the time of opening or designating a demat account  :- 

    (a) the new retail investor  shall open a new demat account or designate his existing demat account for the purpose of availing  the benefit under the Scheme; 

   (b)  the new retail investor shall submit a declaration in Form A to the  depository participant  who will forward the same to the depository for  verifying the status of the new retail investor; 

   (c) the new retail investor shall furnish his Permanent Account Number (PAN)  while opening the demat account or designating the  existing account as a  Rajiv Gandhi Equity Savings Scheme eligible account, as the case may be.

3) Procedure for investment under Scheme.-  A new retail investor shall make  investments under the Scheme in the following manner :- 

               (a) the new retail investor may make investment in eligible securities in one or more than one transactions during the year in which the deduction has to be claimed;  

               (b) the new retail investor may make any amount of investment in the demat account but the amount  eligible for deduction, under the Scheme shall not exceed  fifty thousand rupees; 

                    (c) the eligible securities brought into the demat account, as declared or  designated by the new retail investor, will automatically be subject to lock-in  during its first year, as per the provisions of paragraph 7, unless the new retail investor specifies otherwise and for such specification, the new retail  investor shall submit a declaration in Form B indicating that such securities  are not to be included within the above limit of investment; 

                (d) the new retail investor shall be  eligible for a  deduction under subsection (1) of section 80CCG of the Act in respect  of   the actual amount invested in eligible securities , in the first financial year in respect of which a declaration in Form B has not been made, subject to the maximum  investment limit of fifty thousand rupees;

                    (e)  the new retail investor who has claimed a deduction under sub- section (1) of section 80CCG of the Act, in any assessment  year, shall not be allowed any deduction under the Scheme for any subsequent assessment year;  

                       (f) the new retail investor shall be permitted a  grace period of three trading days from the end of the financial year so  that the eligible securities purchased on the last trading day of the financial year also get credited in the demat account and such securities shall be deemed to have been purchased in the financial year itself; 

                      (g) the new retail investor may  also keep securities other than the eligible securities covered under the Scheme in the demat account through which benefits under the Scheme are availed;  

                        (h) the new retail investor can make investments in securities other than the eligible securities covered under the Scheme and such investments shall not be subject to the conditions of the Scheme nor shall they be counted for availing the benefit under the Scheme; 

                (i) the investment under the Scheme shall consist of all eligible securities covered under the Scheme that are initially bought by the investor under the Scheme or that are bought subsequently by the investor as per the provisions of the Scheme; 

                    (j) the deduction claimed shall be withdrawn if the lock-in period requirements of the investment are not complied with or any other condition of the Scheme is violated. 

To read complete Notification No. 51 dated 23.11.2012 (Click Here)

e-file :- New Website generated by Income Tax Department

Friends,

                    Income Tax Department has launched new website for e-filing of income tax returns.  It contains too many new features.  Now Tax Professionals (C A) can upload their forms electronically like as Form 3CA, Form 3CB, Form 3CD, Form 3CEB and Form 29B. Taxpayers can opt for Higher Security,  alerts,reminders, notification, download xml file and specifically online submission of ITR-1 return form.  Earlier in old website there was only facility to download the excel file and generate/enter data offline and upload xml file, but now data can be entered online and there is no need to enter TDS/Tax details manually. 

Really new website has been launched by Income Tax Department with new amendments and with new easy steps for e-filing (Click here to visit at new Website)

Income Tax- Rates of Income Tax as per Finance Act, 2012 for F.Y. 2012-13

RATES OF INCOME-TAX AS PER FINANCE ACT, 2012:

As per the Finance Act, 2012, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates:

Rates of tax

A. Normal Rates of tax:

Sl. No.	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,00,000/-.	Nil
2	Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.	10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Sl. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-.	Nil
2	Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.	10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Sl. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 5,00,000/-.	Nil
2	Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-.	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

Surcharge on Income tax:

There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).

Education Cess on Income tax:

The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.

Secondary and Higher Education Cess on Income-tax:

From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).

Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.