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Tax Calculator 2012 - 2013
For Individuals having Income from Salary/ Pension/ family pension and Interest
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Income Tax Rates/Slabs 2012-2013 |
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Tax Rates |
Senior Citizion |
Woman |
Others |
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Nil |
2,40,000.00 |
1,90,000.00 |
1,80,000.00 |
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10% |
2,40,000.00-500,000.00 |
1,90,000.00-500,000.00 |
180,000.00-500,000.00 |
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20% |
500,000.00-800,000.00 |
500,000.00-800,000.00 |
500,000.00-800,000.00 |
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30% |
800,000-00 & Above |
800,000 & Above |
800,000 & Above |
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How to calculate tax
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Example1 : Let us take a case where the assessee's taxable income for men's is Rs.3,10,000.
- According to the Income Tax Slab, the first 1,80,000 is not taxable.
- The next Rs. 1,30,000 is taxable @10%.
- 10% of Rs. 1,30,000 is Rs. 13,000.
Example2 : Let us take a case where the assessee's taxable income for men's is Rs. 6,40,000.
- According to the Income Tax Slab, the first 1,80,000 is not taxable.
- The next Rs. 3,20,000 is taxable @10%.
- 10% of Rs. 3,20,000 is Rs. 32,000.00.
- The remaining Rs. 1,40,000 i.e. taxable @20%.
- 20% of Rs. 1,40,000 is Rs. 28,000.
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The total of the taxable amount is 60,000.
- taxable @3% on 62,000 is 1,800.
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Therefore, the net Income Tax Payable is Rs. 61,800.00.
Example3 : Let us take a case where the assessee's taxable income
for men's is Rs. 8,90,000.
- According to the Income Tax Slab, the first 1,80,000 is not taxable.
- The next Rs. 3,20,000.00 is taxable @10%
- 10% of Rs. 3,20,000.00 is Rs. 32000
- The next Rs. 3,00,000 is taxable @20%
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20% of Rs. 3,00,000 is Rs. 60,000.
- Therefore, the next Rs 90,000.00 Income Tax Payable is 30%.
- Tax amount on Rs 90000.00 is Rs. 27,000.00
- taxable @3% on total 1,19,000.00 is Rs. 3,570
- Total Tax is 1,22,570.00.
Note :
- Education cess @ 3% on tax plus surcharge.
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