income tax slab - ub 12-13

8/2/2019 Income Tax Slab - UB 12-13

1/13

Budget 2012-12


2/13

Income (Rs) Tax for 2011-12(Rs)

Tax for 2012-13(Rs)

Your Savings(Rs)

2,00,000 2060 0 2,060

5,00,000 32,960 30,900 2,060

10,00,000 1,56,560 1,33,900 22,660


3/13

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/-.




4/13

1. Where the total


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


exceed Rs. 10,00,000/-.



4. Where the total

income exceeds Rs.10,00,000/-.




5/13

1. Where the total


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


3. Where the total


exceed Rs. 10,00,000/-.



4. Where the total

income exceeds Rs.10,00,000/-.




6/13

1. Where the total


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


3. Where the total

income exceedsRs.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 byindividual taxpayers during FY 2011-12 (AY 2012-13).

Cess :3 %


7/13

Exemption limit for the general category of individualtaxpayers proposed to be enhanced from Rs1,80,000 toRs2,00,000

Upper limit of 20% tax slab proposed to be raised fromRs8 lakh to Rs10 lakh.

Proposal to allow individual tax payers, a deduction ofupto Rs10,000 for interest from savings bank accounts

Proposal to allow deduction of upto Rs5,000 forpreventive health check up

Senior citizens not having income from businessproposed to be exempted from payment of advance tax


8/13

Proposal: The basic threshold limit for income-tax has been revisedupwards marginally for individual taxpayers (except senior citizens)from Rs 1,80,000 to Rs 2,00,000.

Impact: This will result in a tax savings for Rs 2,060 (Rs 1,030 forwomen) across the board. Those having taxable income up to Rs2,00,000 are out of income-tax ambit.

Proposal: While the tax slab rates (10% /20%/ 30%) remain thesame, the trigger for the top tax slab (30%) has been raised from Rs8,00,000 to Rs 10,00,000.

Impact: This will result in a tax saving of upto Rs 20,600 (in additionto Rs 1,030/ Rs 2,030) for persons having income above Rs8,00,000.

Proposal: Senior citizens are no longer required to pay advancetax, if they are not running any business/ profession.

Impact: This will help reduce the compliance burden for seniorcitizens. However, they will need to pay their taxes before filing theannual return of income.


9/13

Proposal: A deduction of upto Rs 10,000 for interest from savingsbank accounts is proposed while computing taxable income.

Impact: This will save tax of upto Rs 3,090 on savings bank interestincome. If taxable salary income is up to Rs 5,00,000 and interestfrom savings bank accounts is up to Rs 10,000, no tax return is to

be filed. Proposal: An additional avenue of Rs 5,000 is also available to

cover expenses for preventive health check-ups for self and familymembers within the overall limit of Rs 15,000 for Mediclaiminsurance premium.

Impact: This will allow taxpayers to recover some part of suchexpenses and encourage them to keep a tab on their health.

Proposal: Capital gains from sale of house property will not betaxable, if invested in equity shares of eligible companies (typicallySMEs).

Impact: An additional avenue is now available to save tax on capital

gains. This will also channelize funds to the small and mediumenter rise SME sector.


10/13

Proposal: Additional deduction for infrastructure bonds of Rs 20,000has not been extended beyond assessment year 2012-13 .

Impact: Such bonds will lose their attractiveness. Proposal: Securities Transaction Tax (' STT' ) reduced on delivery

based equity transactions by 20% from 0.125% to 0.1%.

Impact: This will reduce the transaction cost of purchasing/ sellingshares in the secondary market/ stock exchanges and give a fillip tothe capital market.

Proposal: Tax benefits (deduction for premium or exemption formaturity proceeds) are no longer available to new life insurancepolicies having annual premiums of more than 10% of sum assured(this does not take into account the loyalty bonus component).

Impact: New life insurance policies will not carry tax benefits anylonger if premiums are more than 10% (presently 20%) of actualassured amount. The present life insurance policies thankfully willnot be impacted by this change.


11/13

Proposal: Seller of immovable property with value exceedingRs 5,000,000 for urban areas (Rs 2,000,000 for rural areas)will need to deduct tax at source @ 1% of the sale value, andpay it to the government treasury.

Impact: While this will help in tracking/ bringing to tax thetransactions in real estate sector generally, there would be anadditional compliance burden to be undertaken by the seller.

Proposal: Additional tax of 1% will be collected at sourcefrom the buyer on cash purchases of jewellery, bullion, etc, ifvalue exceeds Rs 2,00,000.

Proposal: While this is intended to track the cashtransactions in the jewellery/ bullion market, additional taxlevy would increase the cost of the purchase and create anadministrative burden for the seller.


12/13


13/13

income tax slab - ub 12-13

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