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  2012-2013-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    2011-2012, 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 2012-2013 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

KNOW YOUR SALARY PARATICULARS - CLICK HERE

INCOME TAX ACT FOR vide Circular No.8/2012 2012-13

IT CALCULATION SOFTWARE 2012-13- Vijay Kumar

INCOME TAX CALCULATION SOFTWARE 2012-13- KSS PRASAD(Feb 10th Revised)

Income Tax Dept Instructions to DTOs/DDOs vide CIT-14/TDS dated 30.1.13

 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 2012-2013 (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

USEFUL INFORMATION LINKS:

• DOWNLOAD THE COMPLETE INCOME TAX ACT FOR 2012-13-click
• CALCULATE YOUR TAX BASING ON YOUR TAXABLE INCOME-click 
• File Income Tax returns ONLINE
• Official Website of Income Tax Department

INCOME TAX FORMS:

• Form 16-Tax Deduction at Source on Salary
• SAHAJ - Individual Income Tax Return 2011-12-Form
• Certificate of prescribed authority for the purposes of section 80DDB
• Certificate of the medical authority for certifying person with disability, severe disability, autism, cerebral palsy and multiple disability for purposes of section 80DD and section 80U
• For All type of remaining Income tax returns forms- click here
  

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