| 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
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%
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
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]
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
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:
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