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Friday 16 March 2012

Analysis of Direct Tax Under Union Budget 2012



                             FINANCE BILL 2012
                   DIRECT TAX PROVISIONS

Tax Rates for AY 2012-13 i.e. AY 2013-14
Individual/HUF/AOP,BOI, Artificial Juridical Person
Up to 200000
NIL
2000001 to 500000
10%
50000o1 to 1000000
20%
Above 1000000
30%
Exemption limit for senior citizen (age of sixty years or more but less than eighty years) Rs. 250000
Exemption limit for senior citizen (age of sixty years or more but less than eighty years) Rs. 500000
Rates of taxes for companies, firms, co operative societies, local authorities to continue