There is no change in income tax rates, slabs at all. No change in exemption limit. Only tax rebate of Rs 2000 has been allowed for income tax slabs between 2 lakh-5 lakh. So if your income is more than 500000 and less than 1 crore then no tax rate change for you. Income is more 10 % surcharge has been imposed on income tax more than one crore.
Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh
With a view to provide tax relief to the individual tax payers who are in lower income bracket, it is proposed to provide rebate from the tax payable by an assessee, being an individual resident in India, whose total income does not exceed five lakh rupees.
The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of two thousand rupees, whichever is less. Consequently any individual having income up to Rs 2,20,000 will not be required to pay any tax and every individual having total income above Rs. 2,20,000/- but not exceeding Rs. 5,00,000/- shall get a tax relief of Rs. 2000/-. Section 87 has also been consequentially amended.
RATES OF INCOME-TAX after Budget 2013 dated 28.02.2013 | |
| A. Normal Rates of tax: | |
| 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/-. | Rs. 130,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-. |
| B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year: | |
| 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/-. | Rs. 130,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-. |
| C. Rates of tax for an individual, resident in India and of the age of sixty years or more but less than eighty years at any time during the financial year: | |
| 1.Where the total income does not exceed 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 exceeds Rs. 2,50,000/- |
| 3.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- 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/-. | Rs. 125,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-. |
| D. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year: | |
| 1.Where the total income does not exceed 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 exceeds Rs. 5,00,000/- |
| 3.Where the total income exceeds Rs.10,00,000/- | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs.10,00,000/- |
| 1. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13). | |
| 2. Cess :3 % | |
| 3. 10 % surcharge applicable on income more than one crore | |
| 4.Rs 2000 rebate for Income up to Rs 500000/- | |
Others changes:
- Home loan deduction additional one lakh for loans up to 25 lakh for new houses after 01.04.2013
- Securities transaction (STT) tax reduced.
- CTT (Commodity transaction Tax) imposed.
- Rajiv Gandhi equity scheme available for 2 years more, further income limit increased to 12 lakh.