If you are searching for the income tax slab or income tax rates for A.Y. 2013-14 or F.Y.2012-13 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax.

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To find out income tax through the income tax slab for A.Y. 2013-14, you have to find out the category in which you belong. There are total 9 categories of persons described by the income tax act/income tax department. So all have different income tax rates according to their category.

Categories of persons

Individuals

  • Persons who are below than 60 years of age.
  • Persons who are more than 60 years of age but below than 80 years. They comes under senior citizens category.
  • Person who are more than 80 years of age. They comes under very senior citizens category.

Corporate

  • Association of Person & Body of Individuals
  • Firms
  • Co-Operative Society
  • Local Authorities
  • Domestic Companies
  • Other Companies

We have listed here only the income tax slab for individuals for A.Y. 2013-14 or A.Y.2012-13). In other words if you belong to the category of Individuals and wants to calculate the income tax for the income earned during the year from 1-4-2012 to 31-3-2013, then this income tax rates applicable to you.

income tax slab fy 2012-13 ay 2013-14

Income Tax Slab for Individuals (Below Than 60 Years of age)

If your income is Rs. 2,00,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,00,000 (Two Lakh) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,00,000/- (Two Lakh)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.30,000/- (Thirty Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (10 Lakh) – Tax is Rs.1,30,000/- (One Lakh Thirty Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (Ten Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 60 years of age or more but below than 80 years of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 2,50,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,50,000 (Two Lakh Fifty Thousand) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,50,000/- (Two Lakh Fifth Thousand)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.25,000/- (Twenty Five Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,25,000/- (One Lakh Twenty Five Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 80 years (Senior Citizens) of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 5,00,000/- (Five Lakh) then your tax is NIL

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,00,000/- (One Lakh) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

  • http://www.facebook.com/prashant.parikh.10 Prashant Parikh

    Very good information in simple way.
    Thanks

  • ss gupta

    very usefull informations

  • Sudhakar

    Ready Reckoner and latest information up dating point to point Very Good

  • http://www.facebook.com/yogesh.boghra.5 Yogesh Boghra

    I m appreciate with this tax slab

  • Naga Raj

    aprt from 80c, any other option to save tax, who is earning above 10 lakhs, please let me know, it would be great help!

  • Rahul

    What are the income tax rules for proprietary business in india.
    Please share details

  • Tapas Das

    My annual income is 8 lacs , and my tax is coming to 96000/- approx. can u please tell me how to save maximum of this . some thing like 100% tax saving, if any.