Whether i Need to Pay Income tax

This is the question arise in the mind of every employee, Businessmen have at the end of march. A quick look at the tax structure for the assessment year 2012-2013




I.In case of individual (other than II and III below) and HUF

Income Level	Income Tax Rate
i. Where the total income does not exceed Rs.1,80,000/-	NIL
ii. Where the total income exceeds Rs.1,80,000/- but does not exceed Rs.5,00,000/-	10% of amount by which the total income exceeds Rs. 1,80,000/-
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-	Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-.	Rs. 92,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

Income Level	Income Tax Rate
i. Where the total income does not exceed Rs.1,90,000/-.	NIL
ii. Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-.	10% of the amount by which the total income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.	Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-	Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

Income Level	Income Tax Rate
i. Where the total income does not exceed Rs.2,50,000/-.	NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-.	10% of the amount by which the total income exceeds Rs.2,50,000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-.	Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-
iv. Where the total income exceeds Rs.8,00,000/-	Rs.85,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-.

IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year

Income Level	Income Tax Rate
i.Where the total income does not exceed Rs.2,50,000/-	NIL
ii. Where the total income exceeds Rs.2,50,000/-	NIL
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/	20% of the amount by which the total income exceeds Rs.5,00,000/-
iv. Where the total income exceeds Rs.8,00,000/-	Rs.60,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-

Education Cess: 3% of the Income-tax.

SALARY INCOME INCLUDES :- PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government's Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month.