Income tax slab

Income tax slabs of last 12 years
Firms, partnership, Companies, foreign company,
(INCOME TAX RATES FOR INDIVIDUAL ,HUF ,BOI,AOP,
Cooperative Societies)

By

Shankar Bose
Inspector of Income-tax
MSTU, Puri

It is a general demand to know about Income tax slabs of last 12 years. Normally one
need to remember it in once a year when there is a time to fill return. But if we look
broad, it is the thing which we need to remember all the year and often some people also
need the income tax slabs for the past years also. So there are income tax slabs of the
last 12 financial as well as assessment year which may be very useful.

ASSESSMENT YEAR 2012-2013
RELEVANT TO FINANCIAL YEAR 2011-2012

I TAX RATES FOR INDIVIDUALS OTHER THAN II, III & IV BELOW
Upto 1,80,000 - Nil
1,80,000 to 5,00,000 - 10% of the amount exceeding 1,80,000
5,00,000 to 8,00,000 - Rs.32,000 + 20% of the amount exceeding 5,00,000
8,00,000 & above - Rs.92,000 + 30% of the amount exceeding 8,00,000

II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARS
Upto 1,90,000 - Nil

III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YRS AND ABOVE & BELOW 80
YEARS (SENIOR CITIZEN)
Upto 2,50,000 - Nil

IV TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YRS AND ABOVE (VERY SENIOR
CITIZEN)
Upto 5,00,000 - Nil
There is no surcharge in the case of every individual, Hindu undivided family,
Association of persons and body of individuals.

EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.

INCOME TAX RATES FOR AY 2006-07 TO AY 2011-12 FOR
INDIVIDUAL ,HUF ,BOI,AOP
Assessment year Rate Resident Resident Sr General/others
woman citizen
2011-12 Nil Up to 190000 Up to 240000 Up to 160000
10% 190000- 240000-500000 160000-500000
500000
20% 500000- 500000-800000 500000-800000
800000
30% Above 800000 Above 800000 Above 800000
Surcharge: NIL
Cess: 3% on Income Tax (2 % education cess ,1% Higher
secondary cess)
10% 190000- 240000-300000 160000-300000
300000
20% 300000- 300000-500000 300000-500000
500000
Surcharge: NIL
Cess: 3% on Income Tax (2 % education cess ,1% Higher
secondary cess)
10% 180000- 225000-300000 150000-300000
300000
20% 300000- 300000-500000 300000-500000
500000
Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000
Cess: 3% on Income Tax & surcharge (2 % education cess ,1%
Higher secondary cess)
10% 145000- 195000-300000 110000-300000
300000
20% 300000- 300000-500000 300000-500000
500000
Cess: 3% on Income Tax & surcharge (2 % education cess ,1%
Higher secondary cess)
2006-07 and Nil Up to 135000 Up to 185000 Up to 100000
2007-08 10% 135000- 185000-300000 100000-300000
300000
20% 300000- 300000-500000 300000-500000
500000
Cess: 2% on Income Tax & surcharge (2 % education cess )

Income Tax Rates/Slabs for A.Y. (2004-05 & 2005-06)
Slab (Rs.) Tax (Rs.) Surcharge on Income Tax

(If TI > Rs.8.50 Lakhs) (Rs.)
less than 50,000 Nil Nil
50,000 to 60,000 (TI – 50,000) * 10% 10%
60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 10%
Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 10%

Income Tax Rates/Slabs for A.Y. (2003-04)


(If TI > Rs.60,000) (Rs.)
Less than 50,000 Nil Nil
50,000 to 60,000 (TI – 50,000) * 10% 5%
60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 5%
Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 5%



(If TI > Rs.60,000)
Less than 50,000 Nil Nil
50,000 to 60,000 (TI – 50,000) * 10% 2%
60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 2%
Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 2%


Slab (Rs.) Tax (Rs.) Surcharge Surcharge

TI > 60,000 TI > 1,50,000
Less than 50,000 Nil Nil Nil
50,000 to 60,000 (TI – 50,000) * 10% 12% 17%
60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 12% 17%
Greater than 1,50,000 19,000 + (TI – 1,50,000) * 12% 17%
30%

Firms, partnership, Companies, foreign company,
Cooperative Societies
Firms. Assessment Years 2008-2009, 2009-2010 and 2010-2011. The firm is taxable at 30 per
cent. Surcharge is 10% of the net income exceeds Rs. 1 crore. The education cess** is 3% of
the income tax and surcharge*.

A partnership is treated as a separate entity for tax purpose. A partnerhip with a proper
partnership deed is taxed as a partnerhip, and if no partnership deed exists, it is taxed as
AOP. Normally it is better to be taxed as partnership. Partnership can pay salary and
allowances to the partners (which partners must report of their individual tax returns) and
take deduction for it. The partnership profit after paying income tax is not taxable in the
hands of partners.

Companies. Assessment Years 2008-2009, 2009-2010 and 2010-2011. (i) For the domestic
company the tax rate is 30%. Surcharge is 10% of the net income exceeds Rs. 1 crore. The
education cess is 3% of the income tax and surcharge*. For the Assessment Year 2011-12 the
surcharge is 7.5% of the net income exceeds Rs. 1 crore.

(ii) For a foreign company the tax rate is 40%. Surcharge is 2.5% of the net income exceeds Rs.
1 crore. The education cess** is 3% of the income tax and surcharge*.

Cooperative Societies. Assessment Years 2008-2009, 2009-2010 and 2010-2011. Income up to
Rs. 10,000: 10%; Income Rs. 10,000 to Rs. 20,000: 20%; Income Rs. 20,000 and above: 30%. No
surcharge is applicable. The education cess** is 3%.

*Marginal relief. For net income over 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.

** Here the term Education Cess includes Education Cess of 2% and Secondary and higher
education cess of 1%.

Thanks

Income tax slab

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