Income Tax Structure for the year 2012-13 (Assessment Year 2013-14)

The Income Tax Rates applicable for the financial year 2012-13 (Assessment year 2013-14) have been revised. The following is the New Income Tax structure for the year 2012-13.

In case of individual (other than II and III below) and HUF



II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-



III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-



IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-



Education Cess: 3% of the Income-tax.
New Rs 50,000 tax exemption for retail equity investments
Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
Deduction on Infrastructure bond raised from Rs.20,000 to Rs.40,000.