INCOMETAX

 
INCOME TAX 2012-13 CALCULATION 
 
INCOME TAX CIRCULAR  NO :  08/2012 FOR 2012-13
F.No. 275/192/2012-IT(B)
Government of India  
Ministry of Finance  
Department of Revenue  
Central Board of Direct Taxes                                  
SUBJECT:  
INCOME-TAX  DEDUCTION  FROM  SALARIES  DURING  THE  FINANCIA L  YEAR  2012-20132-UNDER  SECTION  192  OF  THE  INCOME-TAX ACT, 1961.     
                       
     Reference   is  invited   to    Circular   No.05/2011   dated   16.8.2011  whereby 
the rates of deduction  of  income-tax  from  the payment of income under the head
"Salaries" under  Section  192  of  the  Income-tax  Act,  1961(hereinafter  the Act ), 
during    the    financial    year    2011-2011, were  intimated.  The    present    Circular
contains  the  rates  of  deduction  of  income-tax  from    the    payment  of  income
chargeable under  the head "Salaries"   during   the   financial  year 2011-2012 and
explains  certain  related provisions of the Income-tax Act. The relevant Acts, Rules,
Forms and Notifications are available at the website of the Income Tax Department-
www.incometaxindia.gov.in.

INCOME TAX CALCULATORS/SOFTWARES and ACT 2012-13
INCOME TAX ACT FOR vide Circular No.8/2012 2012-13
IT CALCULATION SOFTWARE 2012-13- Putta
INCOME TAX CALCULATION SOFTWARE 2012-13- KSS PRASAD

 2. FINANCE  ACT, 2012                 
As  per    the  Finance  Act,  2012,  income-tax  is  required  to  be  deducted  under 
Section 192 of the Income-tax Act 1961   from income chargeable under  the head  
"Salaries" for the  financial  year 2012-2012 (i.e.   Assessment  Year 2013-2014) at 
the following rates: 

Normal Rates of Tax for 2012-13 for Men and Women: 
1. Where the total income does not exceed Rs. 2,00,000/-. Nill
2. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.                                     10 per cent of the  amount by which the  total income exceeds Rs. 2,00,000/- 
 3. Where the total income exceeds  Rs. 5,00,000/- but does not exceed   Rs.10,00,000/-.                                                Rs. 30,000/- plus 20   per cent of the amount  by which the total  income exceed Rs. 5,00,000/-.
 4.Where the total income exceeds  Rs. 10,00,000/-.   Rs. 1,30,000/- plus 30  per cent of the  amount by which the  total income exceeds Rs.10,00,000
   


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