Monday, October 3, 2011

TDS RATES FOR SALARY FY 2011-12 AY 2012-13


on Monday, October 3, 2011


As per the Finance Act, 2011, income-tax rates for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) for individual,BOI,AOP,HUF is given as under. The Below rates are applicable for deduction of tax from salary income.One point to be noted that tds is to be deducted on salary on payment basis. Further DDO can also Few deduction like 80C, 80CCC,80CCD,80CCF,80D, 80DDA,80DD,80E,80G(few conditions),80GG and 80U . Further minus income from house property can also be considered while calculation of TDS Amount. 


RATES OF INCOME-TAX

A. Normal Rates of tax:

   1.  Where the total income does not exceed Rs. 1,80,000/-.
Nil
   2.  Where the total income exceeds Rs. 1,80,000 but does not exceed Rs. 5,00,000/-
10 per cent of the amount by which the total income exceeds Rs. 1,80,000/-
   3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-.
Rs. 32,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
   4.  Where the total income exceeds Rs. 8,00,000/-.
Rs. 92,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.
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. 1,90,000/-.
Nil
   2.  Where the total income exceeds Rs. 1,90,000 but does not exceed Rs. 5,00,000/-.
10 per cent, of the amount by which the total income exceeds Rs. 1,90,000/-
   3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 8,00,000/-.
Rs. 31,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
   4.  Where the total income exceeds Rs. 8,00,000/-.
Rs. 91,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.

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. 8,00,000/-.
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. 8,00,000/-.
Rs. 85,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-.
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. 8,00,000/-
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
   3.  Where the total income exceeds Rs. 8,00,000/-
Rs. 60,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 8,00,000/-

  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. Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.
  3. Additional surcharge on Income Tax (Secondary and Higher Education Cess on Income-tax):From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one percent of income-tax (not including the Education Cess on income tax).
  4. Education Cess, and Secondary and Higher Education Cess are payable by both resident and non-resident assessees.