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INCOME TAX MODULE 2011
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INCOME TAX MODULE CHAPTER 1 – PRELIMINARY – DAY 02
CONTENTSHEADS OF INCOME
COMPUTATION SHEET DISPLAY – HEADS OF INCOME
INCOME TAX SLAB RATES FOR AY 2011-2012
INCOME TAX SLAB RATES FOR AY 2012-2013
TYPES OF INCOME TAX RETURNS FOR FILING
HEADS OF INCOME
An assessee may be earning Income from a number of sources. However, for computation of income for Income-Tax purposes, income of an Assessee is computed under following heads:
INCOME FROM OTHER SOURCES
Heads of Income
INCOME FROM SALARY
INCOME FROM HOUSE PROPERTY
INCOME FROM BUSINESS OR PROFESSION
INCOME FROM CAPITAL GAIN
HEADS OF INCOME
COMPUTATION SHEET DISPLAY
WEB- E-TAX SOFTWARE
INCOME TAX SLAB RATES FOR AY 11-12
For Resident Women (who is below 65 years on the last day of the previous year)
Income Tax Slab (in Rs. ) Income Tax Surcharge Education Cess and SHEC
Up to Rs.1,90,000 Nil Nil NilRs. 1,90,001 to Rs.5,00,000 10% of (Total Income minus Rs. 1,90,000) Nil 3% of Income Tax
Rs.5,00,000 to Rs.8,00,000 Rs. 31,000 +20% (Total Income minus Rs. 5,00,000) Nil 3% of Income Tax
Above Rs.8,00,000 Rs.91,000 +30% (Total Income minus Rs. 8,00,000) Nil 3% of Income Tax
For Resident Senior Citizen (who is 65 years or more at any time during the previous year)
Income Tax Slab (in Rs.) Income Tax Surcharge Education Cess and SHEC
Up to Rs.2,40,000 Nil Nil NilRs. 2,40,001 to Rs.5,00,000 10% of (Total Income minus Rs. 2,40,,000) Nil 3% of Income Tax
Rs.5,00,000 to Rs.8,00,000 Rs. 26,000 +20% (Total Income minus Rs. 5,00,000) Nil 3% of Income Tax
Above Rs.8,00,000 Rs.86,000 +30% (total income minus Rs. 8,00,000) Nil 3% of Income Tax
For any other Individual, every Hindu Undivided Families (HUFs) / AOPs / BOIs / Artificial Judicial Person
Income Tax Slab (in Rs. ) Income Tax Rates Surcharge Education Cess and SHEC
Up to Rs.1,60,000 Nil Nil Nil
Rs. 1,60,001 to Rs.5,00,000 10% of (Total Income minus Rs. 1,60,000) Nil 3% of Income Tax
Rs.5,00,000 to Rs.8,00,000 Rs. 34,000 +20% (Total Income minus Rs. 5,00,000)
Nil 3% of Income Tax
Above Rs.8,00,000 Rs.94,000 +30% (Total Income minus Rs. 8,00,000)
Nil 3% of Income Tax
For other than Individuals
Total Income (in Rs. ) Rates of Income Tax Surcharge Education Cess and SHEC
Tax Rates for Domestic Company
Up to Rs. 1 Crores 30% NIL 3% of Income Tax
Exceeding Rs. 1 Crores 30% 7.5 % 3% of Income Tax + Surcharge
Tax Rate for Foreign Company (Only for income generate through Indian Operation )
Up to Rs. 1 Crores 40% NIL 3% of Income Tax
Exceeding Rs. 1 Crores 40% 2.5% 3% of Income Tax + Surcharge
Tax Rates for Others
FIRMS 30% NIL 3% of Income Tax
LLPs 30% NIL 3% of Income Tax
Local Authorities 30% NIL 3% of Income Tax
INCOME TAX SLAB RATES FOR AY 12-13
S.No. Income Range Tax PercentageResident Senior Citizens above 60 years
1 Up to Rs. 2,50,000 Nil2 2,50,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%
Resident Senior Citizens above 80 years1 Up to 5,00,000 Nil2 5,00,001 to 8,00,000 20%3 Above 8,00,000 30%
Resident Women (below 60 years) 1 Up to 1,90,000 Nil2 1,90,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%
Add 2% Education Cess+ 1%
SHEC in all cases
S.No. Income Range Tax PercentageOther s & Men
1 Up to 1,80,000 Nil2 1,80,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%
INCOME TAX SLAB RATES FOR AY 12-13
Add: 2% Education Cess and 1% SHEC in all cases
S.No.For Individual Individual /HUF
Source of Income ITR-1 ITR-2 ITR-3 ITR-4
1 Income from Salary/Pension • • • •
2Income from Other Sources (only Interest Income or Family Pension)
• • • •
3 Income / Loss from Other Sources • • •
4 Income / Loss from House Property • • •
5 Capital Gains /Loss on sale of investments/property • • •
6 Partner in a Partnership Firm • •
7 Income from Proprietary Business/Profession •
TYPES OF INCOME TAX RETURNS FOR FILING
S.No.
For Firms, AOP, BOI, Local Authority Companies Trusts Only
FBT
Source of Income ITR-5 ITR-6 ITR-7 ITR-8
1 Income / Loss from Other Sources • • •
2 Income / Loss from House Property • • •
3 Capital Gains / Loss on sale of Investments / Property • • •
4 Income / Loss from Business • • •
5 Fringe Benefit Tax • • • •
TYPES OF INCOME TAX RETURNS FOR FILING