…..can i have any proof document in support of your comment.
Pls see the I/Tax Deptt. Circular No. 8/2012 [F.NO. 275/192/2012-IT ], dtd. 05.10.2012 for rate of tax for FY 2012-13 (AY 2013-14).
(A) Normal Rates of tax:
Sl. No.
Total income
Tax rate
1
Does not exceed Rs. 2 lac
Nil
2
Exceeds Rs. 2 lac but does not exceed Rs. 5 lac
10% of the amount by which the total income exceeds Rs. 2 lac
3
Exceeds Rs. 5 lac but does not exceed Rs. 10 lac
Rs. 30,000/- plus 20% of the amount by which the total income exceeds Rs. 5 lac
4
Exceeds Rs. 10 lac
Rs. 1,30,000/- plus 30% of the amount by which the total income exceeds Rs. 10 lac
Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No.
Total income
Tax rate
1
Does not exceed Rs. 2.5 lac
Nil
2
Exceeds Rs. 2.5 lac but does not exceed Rs. 5 lac
10% of the amount by which the total income exceeds Rs. 2.5 lac
3
Exceeds Rs. 5 lac but does not exceed Rs. 10 lac
Rs. 25,000/- plus 20% of the amount by which the total income exceeds Rs. 5 lac
4
Exceeds Rs. 10 lac
Rs. 1,25,000/- plus 30% of the amount by which the total income exceeds Rs. 10l ac
Complete Circular is available at the following link:
Some of our incomes is non-taxable (like LIC, int. of PPF & GPF, int. of Post off. savings a/c etc). Now my question is, is there any upper limit of such non-taxable incomes within a F.Y.?
Tanmoy babu, in this case I just mentioned about post off. savings a/c int. please highlight about this.
I have never seen the interest of savings a/c is non-taxable upto Rs10000/- just listen, from other source I listen that if int. of bank is exceed Rs. 10,000/-, then TDS will be deducted otherwise tax must be pay for amount less than 10,000/- accrued from bank int. What I listen may be wrong, please discuss.
Friends,
Under new Section 80TTA of I/Tax Act, savings bank interest upto Rs. 10000/- is non-taxable. Savings bank interest which comes under the head ‘income from other sources’ is TAXABLE in the FY 2012-13, if it exceeds Rs.10000. Bank has no right to deduct tax on savings bank interest as it is ‘Demand deposit’. It can deduct TDS on the interest of FD which is ‘Time deposit’ unless the customer submits Form 15G/15H.
See provisions of Section 80TTA at Amendment No. 30 on page 12 of Union Budget
