S.K.Patodia • Rates of Income Tax

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IMPORTANT DATES : > Return of employees joining & leaving in Apr. : 15/05/2012 > Filing of TDS/TCS returns for Mar Quarter : 15/05/2012 > Payment of PF for Apr ( Cheque to be cleared by 20th) : 15/05/2012 > Return of VAT & CST from Oct to Mar by Half Yearly/ Composition dealer : 15/05/2012 > Deposit of DVAT TDS for Apr : 15/05/2012 > Deposit of VAT & CST for Apr : 21/05/2012 > Payment of ESI of Apr : 21/05/2012 > Payment of VAT & WCT TDS under MVAT for Apr : 21/05/2012 > Submission of MVAT return for Apr. (10 days extra for e-returns) : 21/05/2012 > Deposit of VAT & CST for Apr : 21/05/2012 > Issue of DVAT certificate for deduction made in Apr : 22/05/2012 > E- Return of VAT for Apr : 25/05/2012 > Return of PF for Apr. : 25/05/2012 > Physical Return of VAT & CST for Apr : 28/05/2012 > Issue of TDS/TCS certificate for Mar quarter. : 30/05/2012 > Issue of TDS certificate to Employees : 31/05/2012

Rates of Income Tax

Rates of Income Tax

Assessment year :2011-12
Previous year : 2010-11

Assessment year :2010-11
Previous year : 2009-10

1. For resident women below the age of 65 years.

Upto Rs. 1,90,000	Nil
Rs. 1,90,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 8,00,000	20%
Above Rs. 8,00,000	30%

Upto Rs. 1,90,000	Nil
Rs. 1,90,001 to Rs. 3,00,000	10%
Rs. 3,00,001 to Rs. 5,00,000	20%
Above Rs. 5,00,000	30%

2. For resident Senior Citizens.

Upto Rs 2,40,000	Nil
Rs. 2,40,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 8,00,000	20%
Above Rs. 8,00,000	30%

Upto Rs 2,40,000	Nil
Rs. 2,40,001 to Rs. 3,00,000	10%
Rs. 3,00,001 to Rs. 5,00,000	20%
Above Rs. 5,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).

Upto Rs. 1,60,000	Nil
Rs. 1,60,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs 8,00,000	20%
Above Rs. 8,00,000	30%

Upto Rs. 1,60,000	Nil
Rs. 1,60,001 to Rs. 3,00,000	10%
Rs. 3,00,001 to Rs 5,00,000	20%
Above Rs. 5,00,000	30%

Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Long-Term Capital Gains : 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A :15% on income-tax plus surcharge.

Firms

Income tax : 30%.
Surcharge : NIL
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Income tax : 30%.
Surcharge : 10% if the taxable income exceeds Rs. 100,00,000
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Companies

Domestic Companies

Income tax @ 30%
Surcharge: 7.5% if the taxable income exceeds Rs. 100,00,000.
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Domestic Companies

Income tax @ 30%
Surcharge: 10% if the taxable income exceeds Rs. 100,00,000.
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Foreign Companies

Income tax @50% on royalty or fee for technical services in pursuance of agreement between 1.04.1961 to 31.03.1976.
Income tax @ 40% in other cases
Surcharge: 2.5% if the taxable income exceeds Rs. 100,00,000.
Education Cess: 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Foreign Companies

Cooperative

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : Surcharge Is Not Applicable
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess:- .1% on income tax plus surcharge

Surcharge : Surcharge Is Not Applicable.
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess:- .1% on income tax plus surcharge

Local Authorities

Income tax: 30%.
Surcharge : NIL
Education Cess: 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge