Mar. 20 – In respect to income of all categories of assessees accountable for tax during the assessment year 2012-13, the rates of income tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act (2011) for the purposes of computing “advance tax,” deduction of tax at source from “salaries,” and charging of tax payable in certain cases.
Surcharges on income-tax
Surcharges shall be charged with respect to income accountable to tax for the assessment year 2012-13 in the following cases:
- In the case of an Indian national having total income exceeding 1 crore rupees, the amount of income tax calculated shall be increased by a surcharge for the purposes of the Union calculated at the rate of 5 percent of such income tax
- In the case of a company, other than a domestic company, having total income exceeding 1 crore rupees, the amount of income tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of 2 percent of such income tax
Though, marginal respite shall be allowed in all cases to ensure that the additional amount of income tax payable, including surcharge, on the excess of income over 1 crore rupees is limited to the amount by which the income is more than 1 crore rupees.
Moreover, in the case of every company having total income taxable under section 115JB of the Income Tax Act (1961) and where such income exceeds 1 crore rupees, surcharge at the rates mentioned above shall be levied and marginal relief shall also be provided.
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