RATES OF INCOME TAX FOR OTHER THAN SALARIED PERSONS FOR TAX YEAR 2012

Note. These rates are applicable to those individuals:

(1) who do not derive any income under section 12, or

(ii) where the income under section 12 is being derived but it is fifty per cent or less of total income.

For tax year 2012, income from certain sources is treated as a separate block. Such income is not to be included in taxable income. It is charged to tax at specific rates irrespective of nature and quantum of other income. The incomes so taxed are also known as incomes taxable under Final Tax Regime (FTR). The income which constitute a separate block of income and the rate at which tax is payable on such income is given below: Apart from the separate block of income whose rates have been given above the rates for remaining income of a person other than salaried person will be as follows:

(a) If the taxable income of such individual does not exceed Rs. 3,50,000 no tax will be payable.

(b) If the taxable income is more than Rs. 3,50,000 the income tax will be calculated in following manner:

(d) In case of senior citizen (age 60 years or above) if the taxable income is upto Rs. 10,00,000 the amount calculated according to slab rates will be reduced by 50%.

(e) The amount so computed will be gross tax payable. Dfa Ho Average relief on donations, approved pension scheme, mark up on housing finance scheme, premium on life insurance and investment in shares will be provided.