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Tax Rates: Income Tax for AY 2013-14 & 2012-13 for All, Minimum Alternate Tax and all taxable income in IT Act

1
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.
Source: www.incometaxindia.gov.in

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