Tax Rates FY - 2012-13, AY - 2013-14

·         A. Normal Rates of tax:

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 – 5,00,000	10% of (total income – 2,00,000)	2% of income tax	1% of income tax
Rs. 5,00,000 – 10,00,000	30000 + 20% of (total income – 5,00,000)	2% of income tax	1% of income tax
Above Rs. 10,00,000	130000 + 30% of (total income – 10,00,000)	2% of income tax	1% of income tax

·         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:

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 – 5,00,000	10% of (total income – 2,50,000)	2% of income tax	1% of income tax
Rs. 5,00,000 – 10,00,000	25,000 + 20% of (total income – 5,00,000)	2% of income tax	1% of income tax
Above Rs. 10,00,000	1,25,000 + 30% of (total income – 10,00,000)	2% of income tax	1% of income tax

·         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:

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 – 10,00,000	20% of (total income – 5,00,000)	2% of income tax	1% of income tax
Above Rs. 10,00,000	1,00,000 + 30% of (total income – 10,00,000)	2% of income tax	1% of income tax

·         For any other individual ( 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 – 5,00,000	10% of (total income – 2,00,000)	2% of income tax	1% of income tax
Rs. 5,00,000 – 10,00,000	30,000 + 20% of (total income – 5,00,000)	2% of income tax	1% of income tax
Above Rs. 10,00,000	1,30,000 + 30% of (total income – 10,00,000)	2% of income tax	1% of income tax

Income Tax Rates for Partnership Firm including LLP: 

Income Tax Rate: 30% - Education Cess: 3% 

Income Tax Rates for Domestic Companies:

Income Tax Rate: 30% , Surcharge: 5% (surcharge from 5 to 10 percent on domestic companies whose taxable income exceed Rs.10 Crore), Education Cess: 3%)