Tax Reckon-er 2012-13 (Snapshot) Posted: 16 Apr 2012 12:49 PM PDT A brief snapshot for tax rates applicable for the financial year 2012-13 with effect from April 01, 2012 covering Individual, women, senior citizen, very senior citizen (above age of 80), special rates for non-resident, capital gain tax, Security Transaction Tax (STT) on share/mutual funds, tax slab on mutual fund dividends paid by the fund, where as dividend in hands of investors is tax free. For Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals and Artificial juridical persons. | Total Income | Tax Rates | | Up to Rs. 2,00,000 (*1)(*2) | NIL | | Rs. 2,00,001 to Rs. 5,00,000 | 10% | | Rs. 5,00,001 to Rs. 10,00,000 | 20% | | Rs. 10,00,001 and above | 30% | (*1) In the case of a resident individual of the age of 60 years or above but below 80 years, the basic exemption limit is Rs. 2,50,000.
(*2) In case of a resident individual of age of 80 years or above, the basic exemption limit is Rs. 5,00,000.
(3) Surcharge is not applicable.
(4) Education cess is applicable @ 3% on income tax. -
Personal Tax Scenarios (Amount in Rupees) | Individual | Income Level | | Income Table >>>>>> | 5,00,000 | 10,00,000 | 15,00,000 | | Tax in FY 2011-12 | 329.60 | 156,560.00 | 311,060.00 | | Tax in FY 2012-13 | 30,900.00 | 133,900.00 | 288,400.00 | | Effective Tax Savings | 2,060.00 | 22,660.00 | 22,060.00 | | | | | | Resident senior citizen (age of 60 years but below 80 years) | Income Level | | Tax in FY 2011-12 | 25,750.00 | 149,350.00 | 303,850.00 | | Tax in FY 2012-13 | 25,750.00 | 128,750.00 | 283,250.00 | | Effective Tax Savings | Nil | 20,600.00 | 20,600.00 | | | | | | Resident women below 60 years | Income Level | | Tax in FY 2011-12 | 31,930.00 | 155,530.00 | 310,030.00 | | Tax in FY 2012-13 | 30,900.00 | 133,900.00 | 288,400.00 | | Effective Tax Savings | 1,030.00 | 21,630.00 | 21,630.00 | | | | | | Resident very senior citizen at the age of 80 years and above | Income Level | | Tax in FY 2011-12 | Nil | 123,600.00 | 278,100.00 | | Tax in FY 2012-13 | Nil | 103,000.00 | 257,500.00 | | Effective Tax Savings | Nil | 20,600.00 | 20,600.00 | -
Special rates for non-residents (1) The following incomes in the case of non-resident are taxed at special rates on gross basis: | Nature of Income | Rates*1 | | Dividend (*2) | 20% | | Interest received on loans given in foreign currency to Indian concern or Government of India. | 20% | | Income received in respect of units purchased in foreign currency of specifies Mutual Funds / UTI | 20% | | Royalty or fees for technical services | For Agreements entered into: | | - After 31 May 1997 but before 1 June 2005 –@ 20% | | - After 1 June 2005 – @ 10% | | Interest income from a notified infrastructure debt fund | 5% | | Interest on FCCB, FCEB / Dividend on GDRs(b) | 10% | (*1) These rates will further increase by surcharge and education cess.
(*2) Other than dividends on which DDT has been paid.
(3) In case the non-resident has a Permanent Establishment (PE) in India and the royalty/ fees for technical services paid is effectively connected with such, the same could be taxed at 40% (plus surcharge and education cess) on net basis. (2) Tax on non-resident sportsmen or sports association on specified income @ 10% plus surcharge and education cess. | Particulars | Short-Term capital Gain Tax rates (*a) | Long-Term capital Gain Tax rates (*a) | | Sale transactions of equity shares / unit of an equity oriented fund which attract STT | 15% | Nil | | Sale transaction other than mentioned above: | | Individuals (resident and non-residents) | Progressive slab rates | 20% with indexation; 10% without indexation (for units/ zero coupon bonds) | | Partnerships (resident and non-residents) | 30% | 20% with indexation; 10% without indexation (for units/ zero coupon bonds) | | Resident Compaies | 30% | 20% with indexation; 10% without indexation (for units/ zero coupon bonds) | | Overseas financial organisations specified in section 115AB | 40% (corporate) 30% (non-corporate) | 10% | | FII | 30% | 10% | | Other Foreign companies | 40% | 20% / 10% | | Local authority | 30% | 10% without indexation (for units/zero coupon bonds) / 20% (for others) | | Co-operative society rates | Progressive slab | 10% without indexation (for units/zero coupon bonds) / 20% (for others) | (*a) These rates will further increase by applicable surcharge & education cess.
(2) Tax on non-resident sportsmen or sports association on specified income @ 10% plus surcharge and education cess. -
Securities Transaction Tax (STT) STT is levied on the value of taxable securities transactions as under. | Transaction | Rates | Payable By | | Purchase/ Sale of equity shares, units of equity oriented mutual fund (delivery based)@ | 0.100% | Purchaser/Seller | | Sale of equity shares, units of equity oriented mutual fund (non –delivery based) | 0.025% | Seller | | Sale of an option in securities | 0.017% | Seller | | Sale of an option in securities, where option is exercised | 0.125% | Purchaser | | Sale of a futures in securities | 0.017% | Seller | | Sale of unit of an equity oriented fund to the Mutual Fund | 0.250% | Seller | @ effective 1 July 2012 -
Snapshot of Tax rates specific to Mutual Funds >The rates are applicable for the financial year 2012-13 and are subject to enactment of the Finance Bill, 2012.
>Tax Implications on Dividend received by Unitholders | Individual/ HUF | Domestic Company | NRI* | | Dividend | | Equity oriented schemes | Nil | Nil | Nil | | Debt oriented schemes | Nil | Nil | Nil | | Tax on distributed income (payable by the scheme) rates | | Equity oriented schemes ** | Nil | Nil | Nil | | Debt schemes | 12.5% +(5% of 12.5%) Surcharge +(3% of 13.125%) Cess = 13.519% | 30% +(5% of 30%) Surcharge +(3% of 31.5%) Cess = 32.445% | 12.5% +(5% of 12.5%) Surcharge +(3% of 13.125%) Cess = 13.519% | | Money market and Liquid schemes | 25% +(5% of 25%) Surcharge +(3% of 26.25%) Cess = 27.038% | 30% +(5% of 30%) Surcharge +(3% of 31.5%) Cess = 32.445% | 25% +(5% of 25%) Surcharge +(3% of 26.25%) Cess = 27.038% | | Long Term Capital Gains (units held for more than 12 months) | | Equity oriented schemes ** | Nil | Nil | Nil | | Other than equity oriented schemes | 10% without indexation or 20% with indexation whichever is lower + 3% Cess | 10% without indexation or 20% with indexation whichever is lower+ 5% Surcharge# + 3% Cess | 10% without indexation or 20% with indexation whichever is lower + 3% Cess | | Without indexation | 10.300% | 10.815% | 10.300% | | With indexation | 20.600% | 21.630% | 20.600% | | Short Term Capital Gains (units held for 12 months or less) | | Equity oriented schemes ** | 15% + 3% Cess = 15.450% | 15% + 5% Surcharge# + 3% Cess = 16.223% | 15% + 3% Cess = 15.450% | | Other than equity oriented schemes | 30%^ + 3% Cess = 30.900% | 30% +5% Surcharge# + 3% Cess = 32.445% | 30%^ + 3% Cess = 30.900% | # In case of a domestic company surcharge of @ 5% shall be levied if the total income exceeds Rs. 1 Crore subject to marginal relief.
*The short term/long term capital gain tax will be deducted at the time of redemption of units in case of NRI investors only.
** Securities transaction tax (STT) will be deducted on equity funds at the time of redemption and switch to the other schemes. Mutual Fund would also pay securities transaction tax wherever applicable on the securities bought / sold
^ Assuming the investor falls into highest tax bracket. -
Tax Deducted at Source (Applicable only to NRI Investors) | Short term capital gains | Long term capital gains | | Equity oriented schemes | 15.45% | NIL | | Other than equity oriented schemes | 30.90% | 20.600%# | Disclaimer : The above information is for general information purposes only and does not constitute legal or tax advice. Individuals should consult their own tax consultant for their investment/tax purposes. (E&OE) ![]() |
