TDs rate Chart for the year 2012-2013 - budget 2012 Pdf Download
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TDs rate Chart for the year 2012-2013

ravitashukla1 Started The Discussion:

Dear Seniors,

Can someone please provide me TDS rate chart for the year 2012-2013. I came to know that in the coming financial year there would be no TDs deduction for a salary upto 2 lacs. But I need detailed information. I searched on google but could not get. Please help me in getting the complete detail.

Thanks

sachr84 - 
Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Find the latest income tax slab for Year 2012-2013 based on the budget presented on 16 March 2012.

India Income tax slabs 2012-2013 for General tax payers
Income tax slab (in Rs.) Tax
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%


India Income tax slabs 2012-2013 for Female tax payers
Income tax slab (in Rs.) Tax
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%


India Income tax slabs 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) Tax
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%


India Income tax slabs 2012-2013 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

ramasubramaniyan - Contributing Member
Budget 2012:

No tax till Rs 2L; 20% slab raised to Rs 10L
Last Updated: Friday, March 16, 2012, 13:59 0
Tags: Union Budget 2012, General Budget, Budget 2012-13, Union Budget live, Pranab Mukherjee, Union Budget 2012-13 live
Zeebiz Bureau

New Delhi: Finance Minister Pranab Mukherjee on Friday announced tax relief for individual tax payers. Presenting Union Budget 2012-13 in Lok Sabha, Mukherjee said income upto Rs 2 lakh would be tax free; income from Rs 2 to 5 lakh would be taxed at 10%; from Rs 5 to 10 lakh at 20%; and income above Rs 10 lakh would attract tax of 30%.

In other tax measures, Mukherjee announced that interest from savings account up to Rs 10,000 would be tax free. Also, apart from medical insurance, an additional Rs 5,000 would be exempted for preventive health check-ups.

Senior Citizens have been exempted from filing advance tax.

Meanwhile, Service Tax has been hiked from 10% to 12%. Also, its net has been widened and all services barring 17 would now be taxed. Corporate Tax structure has been left unchanged.

Mukherjee earlier said India continues to remain among front-runners in economic growth. Mukherjee however said the economic growth is estimated at 6.9 percent during the current fiscal year which was "disappointing". The Finance Minister also exuded confidence that headline inflation would moderate in the next few months and remain stable.

Income Tax

Tax collection up 15%

Income Tax proposals:

Personal Income Tax slabs for individuals relaxed

Exemption limit enhanced from Rs 1.8 lakh to Rs 2 lakh

Upper limit of 20% tax raised from Rs 8 lakh to Rs 10 lakh

New Slabs as follows:

Upto Rs 2 lakh - Nil

Rs 2-5 lakh - 10%

Rs 5–10 lakh – 20%

Above Rs 10 lakh – 30%

Interest from savings account up to Rs 10,000 to be exempt from tax

In addition to medical insurance, an additional Rs 5000 to be exempted for preventive health check-ups

Senior Citizens exempted from filing advance tax

Compulsory reporting of assets sold abroad

Corporate Tax

Corporate Tax structure left unchanged

Withholding tax on certain overseas borrowings reduced to 5% from 20%

Cuts securities transaction tax by 20% for stock market orders

Service Tax

Service Tax rates raised from 10% to 12%

To bring more businesses under Service Tax net; only 17 services exempted now

Higher Service Tax to add Rs 186.6 bn in revenue

Changes in direct taxes to result in revenue loss of Rs 45 bn

Government services, public transport exempted from services tax

Standard excise rate hiked to 12% from 10%

Tax Reforms

Advanced pricing agreement in DTC to be in Financial Bill

New tax exemption on individual share invest with lock-in

GST network to get operational from Aug

GST under progress, talks on with states for drafting law

To examine parliamentary panel report on Direct Tax Code

Rajiv Gandhi Equity Saving Scheme launched

Rajiv plan equity invest lock-in period to be 3 years

Rs 50000 tax exempt for share invest in new Rajiv plan

Tax exemption on individual share invest below a million rupees

Tax free infra bonds Rs 600 bn to be issues FY 13

To allow Rs 100 bn NHAI tax free bonds FY 13

To allow Rs 100 bn IRFC tax free bonds in FY 13

To allow Rs 50 bn HUDCO tax free bonds FY 13

To allow Rs 50 bn SIDBI tax free bonds FY 13

To allow Rs 100 bn power sector tax free bonds FY 13

To okay Rs 50 bn National Housing Bank tax free bonds

1% loan sop plan for home loans up to Rs 2.5 mn

Interest subvention on low cost homes extended by a year

Farm & Food

Agri to be on govt priority list

To increases outlay for agriculture by 18% to RS 202.08 bn

India to be self sufficient in urea manufacturing in 5 years

Announces 2 new handloom mega clusters

To set up 3 technical assistance centres for textiles

Allot Rs 700 mn for Maharashtra power loom cluster

East Indian states produced 7 mn tones more of paddy

Rs 5 bn pilot plan in 12th plan for geo textiles in NE

Allocated Rs 3 bn for FY 13 irrigation plans

Allot Rs 10 bn to up kharif output in NE FY 13

Allot Rs 4 bn to up kharif output in NE FY 12

Allot 5 bn for aquaculture FY 13

NABARD to give rural banks Rs 100 bn for short term loans

To move bill for NABARD Act amendment

3% rate subvention for farmers repaying loans on time

Rs 5.75 tn farm credit target in FY 13

Rs 2 bn for R&D of seeds and farm research

Allocation to farm development plan RKVY hiked to Rs 92.17 bn

To set up govt owned irrigation promotion company

To add 5 mn tones grain storage capacity in FY 13

To start national food processing mission in FY 13

Micro-irrigation allotment up 13% to Rs 142.42 bn

Financial Sector & Banks

India Opportunity Venture Fund via SIDBI of Rs 50 bn

To issue revised norms for banks priority sector lending

To set up financial holding company for recapitalization of banks

To move National Housing Bank Amendment Bill

To move Regional Rural Bank Amendment Bill

Rs 158.88 bn for capitalization of PSU banks in FY 13

Propose electronic voting to up shareholder involvement

IPOs of over Rs 100 mn to be in electronic form

Infrastructure

12th plan invest for infra at Rs 50 tn

ECBs allowed to part finance rupee debt of power projects

Coal India told to to sign coal supply pacts with power companies

Inter ministerial panel to monitor allocated coal mines

Targetting 8800 km projects under NHDP FY 13

Irrigation including damns under viability gap funding FY 13

Irrigation, fertilizer, terminal market under viability gap funding

Viability gap funding for oil, gas pipelines, storage

Telecom towers to get viability gap funding in FY 13

Inadequate infra strain on growth

Extend plan to capitalize regional rural banks by 2 years

To give Rs 40 bn FY 13 for rural housing V Rs 30 bn in FY 12

Realtors can borrow overseas for low cost home projects

To move bill for Public Debt Management

To allow external commercial loans for affordable homes

Foreign airline investment of 49% under consideration

Budget approves overseas borrowing of upto USD 1 bln for airlines' working capital needs

Budget OKs overseas borrowing for low-cost housing projects

To allow 1 year ECBs of USD 1 bn for airline companies

Allowed direct import of ATF by airlines

Foreign borrow for capex maintain, operate toll roads

Up NHDP allocation 14% to Rs 253.6 bn in FY 13

Subsidy

To keep Subsidies under 2% of GDP over next 3 Years

Subsidy for food security to be fully provide for

Some subsidies inevitable

Fiscal policy had to absorb subsidy payments

Aim to directly transfer kerosene subsidy to individuals

Testing kerosene subsidy transfer in Rajasthan

Direct transfer subsidy pilot for 50 districts

Aim to directly transfer subsidy on LPG to consumers

Direct transfer of fertilizer subsidy to retailer, farmers soon

Direct transfer subsidy to be rolled out gradually

Other Highlights

GDP to grow by 6.9% in 2011-12

This year’s performance disappointing

India still among front runners in economic growth

Monetary policy was geared towards containing inflation

Need to improve supply side of economy

Exports grew 23 %

Imports grew 29%

Past year was supposed to be year of recovery

To keep subsidies under 2% of GDP over next 3 years

We were facing several challenges; global situation a dampener

Industry pulled down growth in past two years

Industry now showing signs of recovery

Need to improve supply side of economy

Subsidy for food security law to be fully provided

Some subsidies inevitable

Agriculture to services performed well

Economy now turning around

Manufacturing on cusp of revival

Need to improve micro-economic environment

Expect headline inflation to moderate in the next few months and remain stable

Agri growth at 2.5%

External trade growth encouraging

India has successfully achieved diversification of import and export market

Diversification has helped overcome global slowdown

Current account deficit at 3.6%

Fiscal balance has deteriorated due to increase in direct tax seepages and increased subsidy

Expect smaller fiscal deficit in the coming year

Concept of effective revenue deficit is being brought in as a fiscal parameter

Crude oil prices to cross USD 115/barrel

Need to take a close look at revenue expenditure, particularly subsidies

Endeavour to restrict subsidy to under 2% of GDP

Recommendation of task force under Nandan Nilekani has been accepted

Direct transfer of fertilizer subsidy to retailer and then on to farmer to be rolled out

Direct transfer of kerosene subsidy pilot project in Alwar, Rajasthan

Direct subsidy transfer to be implemented in at least 50 more districts soon

DTC to be implemented at the earliest

The structure of GST network has been approved by EGoM

Treasury management for CPACs has been enhanced

Rs 30000 cr to be raised via disinvestment

At least 51% stake will remain with the govt

FDI in multi-band retail held in abeyance

GST to be operational by August 2012

Provision for advance pricing agreement included in DTC bill

Reform in financial sector has been pursued to ensure more market intervention

New scheme - Rajiv Gandhi equity scheme - to be introduced

Simplifying process of IPOs

Mandatory for companies to issue stocks over Rs 10 cr through online system

8 financial amendments bills to be introduced this year

Central Know Your Customer repository would be set up

70,000 habitations have been provided with banking services

Ultra small branches would be set up

Swabhiman campaign to be extended to habitations with population of 1000 people

81 Regional Rural Banks have migrated to core banking

Weak RRBs to be recapitalized for another two years

Viability gap funding under PPP is an important factor

Oil and gas and LNG storage and oil gas pipeline, telecom towers will also be made eligible under viability gap finding

The first infra debt fund with a outlay of Rs 8,000 cr has been launched

Tax free infra bonds to be raised to Rs 60,000 cr

Coal India has been advised to sign power purchase agreements with power plants

8,800 km roads to be covered under NHDP

ERCB for capex of toll system and maintenance

ECB for working capital requirement of aviation industry for a period of 1 year with an upper cap of USD 1 bn

Delhi-Mumbai industrial corridor has made progress

USD 4.5 bn has come Japan for DMIC

ECB for low cost housing

New handloom cluster in Prakasam and Guntur districts of AP and leather cluster in Jharkhand

Power loom mega cluster in Ichalkaranji in Maharashtra

India opportunity venture fund to be launched

1% interest subvention for homes costing less than Rs 25 lakhs to continue

RKBY under Rs 300 cr for irrigation program

National food security mission, integrated development of pulses villages

National mission of sustainable irrigation being taken up

National mission on oil seed and oil palms

Rs 500 cr for aquaculture

Rs 10,000 cr to NABARD to refinance RRBS

Kisan card can be operated from ATMs

Allocation for SC/ST increased to Rs 37,113 crore

Food security a legal entitlement

PDS network being created using AADHAR platform

Multispectral programs to address maternal nutrition to be rolled out in select district

Budget OKs overseas borrowing to part-fund power projects' rupee debts

Budget approves overseas borrowing of upto USD 1 bln for airlines' working capital needs

Budget OKs overseas borrowing for low-cost housing projects

To increases outlay for agriculture by 18% to Rs 202.08 bn

India to be self sufficient in urea manufacturing in 5 years

Foreign borrow for capex to maintain, operate toll roads

Irrigation including damns under viability gap funding FY 13

Irrigation, fertilizer, terminal market under viability gap funding

To allow Rs 100 bn NHAI tax free bonds FY 13

To allow Rs 100 bn IRFC tax free bonds in FY 13

To allow Rs 50 bn HUDCO tax free bonds FY 13

To allow Rs 50 bn SIDBI tax free bonds FY 13

To allow Rs 100 bn power sector tax free bonds FY 13

Inter ministerial panel to monitor allocated coal mines

To OK Rs 50 bn National Housing Bank tax free bonds

ECBs allowed to part finance rupee debt of power projects

Hike in agri credit by Rs 1 tnh To Rs 5.75 tn next FY

Outlay for agriculture up by 18% to Rs 202.08 bn

Mid-Day meal scheme allocated Rs 11937 cr

RG for empowerment of adolescent girls scheme gets 750 cr

Rural drinking water and satiation allocated 14000 cr

PMGSY get Rs 24000 cr

Backward region development fund allocated Rs 12040 cr

Development projects for drought mitigation in Bundelkhand and other select areas Rs 20000 cr

Rs 5000 cr for developing warehousing facility

6000 schools to be set up at block levels and developed as model schools

No new case of polio was reported in last one year

New vaccine unit to be set up near Chennai

NRHM enlarged to include iodine deficiency and vaccination

NRHM allocated Rs 20822 cr

National urban health mission launched

Seven more govt medical colleges to be upgraded to AIIMS

National Rural Livelihood Mission to provide self employment - allocation upped to Rs 3915 cr

Interest subvention of additional 3% on loans upto Rs 3 lakhs to women self help groups - effective rate of 4%

Credit guarantee fund for skill development

In the eventuality of the death of the bread earner of a BPL family they will get Rs 10,000

Rs 25 cr to Institute of Rural Management in Anand

Rs 100 cr for Kerala agricultural University

Rs 50 cr of Dharwad Agriculture University

Rs 50 cr to Agri universities in Haryana, Odisha

Indira Gandhi pension scheme beneficiaries to get Rs 300 pm as against current Rs 200

National population registry project to be completed in the next two years

14 cr AADHAR number generated

AADHAR is ready for payments under MGNERGA, pension scheme

82 double tax avoidance agreements have been finalized

17 tax info sharing agreements has been finalized

Will table white paper on black money

Dedicated information cells to track black money

Allowed direct import of ATF by airlines

Realtors can borrow from overseas for low cost home projects

Gave Rs 40 bn in FY 13 for rural housing Vs Rs 30 bn in FY 12

Hi,


Announces 2 new handloom mega clusters

To set up 3 technical assistance centres for textiles

Allot Rs 700 mn for Maharashtra power loom cluster

East Indian states produced 7 mn tones more of paddy

Rs 5 bn pilot plan in 12 plan for geo textiles in NE

Allot 10 bn to up kharif output in NE FY 13

Allot 4 bn to up kharif output in NE FY 12

Rs 5.75 tn farm credit in FY 13

Rs 100 bn to NABRAD for refinancing RRBs

NABARD to give rural banks Rs 100 bn for short term loans

Allocated Rs 255.55 bn under Right to Education

Allocated Rs 208.22 bn under rural health plan FY 13

No new case of polio

Credit guarantee fund proposed for poor students

Allocated Rs 31.24 bn for secondary education

Allocated Rs 200 bn for rural infra development in FY 13

Allocated Rs 240 bn under rural road project

Allocated Rs 158.50 bn for child development in FY 13

Expect gross tax receipts at Rs 10.78 tn next FY

Total spending Rs 14.49 tn next FY

Expect non-tax revenue at Rs 1.64 tn next FY

Non-Plan spending Rs 9.69 tn next FY

Fiscal deficit 5.9% of GDP this FY

Expect Fiscal deficit 5.1% of GDP next FY

Five focus areas this year:

Revival of domestic consumption

Achieve condition for revival of high growth

Remove supply bottlenecks

Intervene decisively to address malnutrition

Expedite improvement in delivery systems and address black money

ravitashukla1 - Contributing Member
Thanks Mr. Sachr & Ramasubramanyam. Please clarify one more thing is there any change in Sec. 80c , 80cc, 80d , 80 g. I mean this exceed amount is covered under which section. Please make me understand.

ramasubramaniyan - Contributing Member
Hi,

This is Mrs.Uma,

Section 80C Deductions
Section 80C of the Income Tax Act [1] allows certain investments and expenditure to be deducted from total income up to the maximum of 1 lac. The total limit under this section is ₹100,000 ) which can be any combination of the below:
Contribution to Provident Fund or Public Provident Fund. PPF provides 8.6% [6] return compounded annually. Maximum limit to contribute in it is 100,000 for each year. It is a long term investment with complete withdrawal not possible till 15 years though partial withdrawal is possible after 5 years. Besides, there is employee providend fund which is deducted from the salary of the person. This is about 10% to 12% of the BASIC salary component. Recent changes are being discussed regarding reducing the instances of withdrawal from EPF especially when one changes the job. EPF has the option of full settlement on leaving the job, taking VRS, retirement after 58. It also has options of withdrawal for certain expenses related to home, marriage or medical. EPF contribution includes 12% of basic salary from employee and employer. It is distributed in ratio of 8.33:3.67 in Pension fund and Providend fund
Payment of life insurance premium. It is allowed on premium paid on self, spouse and children even if they are not dependent on father or mother(Tax On Maturity of LIfe Insurance Policy
Investment in pension Plans. National Pension Scheme is meant to save money for the post retirement which invests money in different combination of equity and debt. depending upon age up to 50% can go in equity. Annuity payable after retirement is dependent upon age. NPS has six fund managers. Individual can make minimum contribution of Rs6000/- . It has 22 point of purchase (banks).
Investment in Equity Linked Savings schemes (ELSS) of mutual funds. Among other investment opportunities, ELSS has the least lock-in period of 3 years. However, one should note that after the Direct Tax Code is in place, ELSS will no longer be an investment for 80C deduction.
Investment in National Savings Certificates (interest of past NSCs is reinvested every year and can be added to the Section 80 limit)
Tax saving Fixed Deposits provided by banks for a tenure of 5 years. Interest is also taxable.
Payments towards principal repayment of housing loans. Also any registration fee or stamp duty paid.(Read more about House Loan deduction 80C
Payments towards tuition fees for children to any school or college or university or similar institution (Only for 2 children)Read read FAQ about Tuition Fees
Post office investments
The investment can be from any source and not necessarily from income chargeable to tax.
[edit]Section 80CCF: Investment in Infrastructure Bonds
From April, 1 2011, a maximum of ₹20,000 is deductible under section 80CCF provided that amount is invested in infrastructure bonds. This is in addition to the 100,000 deduction allowed under Section 80C. However this deduction has not been extended to Financial year 2012-13. Good bye to 80CCF bonds from Fy 2012-13 AY 2013-14
[edit]Section 80D: Medical Insurance Premiums
Health insurance, popularly known as Mediclaim Policies, provides a deduction of up to ₹35,000.00 (₹15,000.00 for premium payments towards policies on self, spouse and children and (read as in addition to) ₹15,000.00 for premium payment towards non-senior citizen dependent parents or ₹20,000.00 for premium payment towards senior citizen dependent). This deduction is in addition to ₹1,00,000 savings under IT deductions clause 80C. For consideration under a senior citizen category, the incumbent's age should be 65 years during any part of the current fiscal, e.g. for the fiscal year 2010-11, the incumbent should already be 65 as on March 31, 2011), This deduction is also applicable to the cheques paid by proprietor firm. This Deduction is not available if Paid through CASH.read more
[edit]Interest on Housing Loans Section
For self occupied properties, interest paid on a housing loan up to Rs 150,000 per year is exempt from tax. This deduction is in addition to the deductions under sections 80C, 80CCF and 80D. However, this is only applicable for a residence constructed within three financial years after the loan is taken and also the loan if taken after April 1, 1999.
If the house is not occupied due to employment, the house will be considered self occupied.
For let out properties, the entire interest paid is deductible under section 24 of the Income Tax act. However, the rent is to be shown as income from such properties. 30% of rent received and municipal taxes paid are available for deduction of tax.
The losses from all properties shall be allowed to be adjusted against salary income at the source itself. Therefore, refund claims of T.D.S. deducted in excess, on this count, will no more be necessary.[7]

vikas.r - Contributing Member
Dear Ravita Shukla,

As according the general budget announcement by union finance minister Pranav Mukherjee, on date 16th March 2012 people will be get some relieved from the burden of paying tax on their income. The tax exemption limit has been now increased from Rs 180000 to Rs 200000. This means that individuals whose income lies between 2-5 Lakhs will pay 10% and 5-10 Lakhs will pay 20% as tax. Adding to it, individuals whose income is more than 10 Lakhs rupees will need to pay 30 per cent of their income as income tax.
For More detail please open the attachment.

Thanks & Best Regards:
vikas ranjan


Attached FilesProvided by community member vikas.r. Join us to learn and grow with your peers.
File Type: pdf Income tax slab 2012 to 2013.pdf (96.1 KB, 755 views)
ravitashukla1 - Contributing Member
Thanks a lot Mr. Vikas for the attachment, its very useful chart ..........................

arun.bascon - Contributing Member
Dear Mr.Vikas, Can you please forward the attachment file of IT Slab 2012-2013 translate in English and forward the same. Thanks in advance.

singhash12 - 
Hello Seniors, Could you please let me know what is the difference between TDS and Tax Planning? Thank you so much in advance. With regds., ASHU

jeevarathnam - Contributing Member
Hi Ashu

TDS is the Tax Deducted at Source. TDS is based on the total revenue and the savings.

Tax Planning is the methods how you invest in the savings which will reduce the burden of Tax to be paid.

Jeeva

Quote:
Originally Posted by singhash12 View Post
Hello Seniors,

Could you please let me know what is the difference between TDS and Tax Planning?

Thank you so much in advance.

With regds.,
ASHU

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