www.company.com[INSERT FRANCHISE NAME]

INCOME TAX MODULE 2011

DISCLAIMER

By offering this informational resource, Webtel Academy does not intend to provide its

users with Income Tax advice. Rather, this information is intended for educational

purposes only. Webtel Academy makes no representations about the suitability of this

information for any purpose. In no event shall Webtel Academy be liable for any special,

indirect, consequential damages and/or any damages whatsoever resulting from the use

of any of the information contained in this module. Further, the information contained in

this module is meant for private circulation only and any unauthorized use of this

information is prohibited. Any person should not rely or act on the content of this module

and the same should be independently verified from the Income Tax, 1961 and any

amendments made thereto from time to time. The information contained in this module

is only current as of its date. Webtel Academy may alter, modify or otherwise change in

any manner the content of this module, without obligation to notify any person of such

revision or changes.

INCOME TAX MODULE CHAPTER 1 – PRELIMINARY – DAY 02

CONTENTSHEADS OF INCOME

COMPUTATION SHEET DISPLAY – HEADS OF INCOME

INCOME TAX SLAB RATES FOR AY 2011-2012

INCOME TAX SLAB RATES FOR AY 2012-2013

TYPES OF INCOME TAX RETURNS FOR FILING

HEADS OF INCOME

An assessee may be earning Income from a number of sources. However, for computation of income for Income-Tax purposes, income of an Assessee is computed under following heads:

INCOME FROM OTHER SOURCES

Heads of Income

INCOME FROM SALARY

INCOME FROM HOUSE PROPERTY

INCOME FROM BUSINESS OR PROFESSION

INCOME FROM CAPITAL GAIN

HEADS OF INCOME

COMPUTATION SHEET DISPLAY

WEB- E-TAX SOFTWARE

INCOME TAX SLAB RATES FOR AY 11-12

For Resident Women (who is below 65 years on the last day of the previous year)

Income Tax Slab (in Rs. ) Income Tax Surcharge Education Cess and SHEC

Up to Rs.1,90,000 Nil Nil NilRs. 1,90,001 to Rs.5,00,000 10% of (Total Income minus Rs. 1,90,000) Nil 3% of Income Tax

Rs.5,00,000 to Rs.8,00,000 Rs. 31,000 +20% (Total Income minus Rs. 5,00,000) Nil 3% of Income Tax

Above Rs.8,00,000 Rs.91,000 +30% (Total Income minus Rs. 8,00,000) Nil 3% of Income Tax

For Resident Senior Citizen (who is 65 years or more at any time during the previous year)

Income Tax Slab (in Rs.) Income Tax Surcharge Education Cess and SHEC

Up to Rs.2,40,000 Nil Nil NilRs. 2,40,001 to Rs.5,00,000 10% of (Total Income minus Rs. 2,40,,000) Nil 3% of Income Tax

Rs.5,00,000 to Rs.8,00,000 Rs. 26,000 +20% (Total Income minus Rs. 5,00,000) Nil 3% of Income Tax

Above Rs.8,00,000 Rs.86,000 +30% (total income minus Rs. 8,00,000) Nil 3% of Income Tax

For any other Individual, every Hindu Undivided Families (HUFs) / AOPs / BOIs / Artificial Judicial Person

Income Tax Slab (in Rs. ) Income Tax Rates Surcharge Education Cess and SHEC

Up to Rs.1,60,000 Nil Nil Nil

Rs. 1,60,001 to Rs.5,00,000 10% of (Total Income minus Rs. 1,60,000) Nil 3% of Income Tax

Rs.5,00,000 to Rs.8,00,000 Rs. 34,000 +20% (Total Income minus Rs. 5,00,000)

Nil 3% of Income Tax

Above Rs.8,00,000 Rs.94,000 +30% (Total Income minus Rs. 8,00,000)

Nil 3% of Income Tax

For other than Individuals

Total Income (in Rs. ) Rates of Income Tax Surcharge Education Cess and SHEC

Tax Rates for Domestic Company

Up to Rs. 1 Crores 30% NIL 3% of Income Tax

Exceeding Rs. 1 Crores 30% 7.5 % 3% of Income Tax + Surcharge

Tax Rate for Foreign Company (Only for income generate through Indian Operation )

Up to Rs. 1 Crores 40% NIL 3% of Income Tax

Exceeding Rs. 1 Crores 40% 2.5% 3% of Income Tax + Surcharge

Tax Rates for Others

FIRMS 30% NIL 3% of Income Tax

LLPs 30% NIL 3% of Income Tax

Local Authorities 30% NIL 3% of Income Tax

INCOME TAX SLAB RATES FOR AY 12-13

S.No. Income Range Tax PercentageResident Senior Citizens above 60 years

1 Up to Rs. 2,50,000 Nil2 2,50,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%

Resident Senior Citizens above 80 years1 Up to 5,00,000 Nil2 5,00,001 to 8,00,000 20%3 Above 8,00,000 30%

Resident Women (below 60 years) 1 Up to 1,90,000 Nil2 1,90,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%

Add 2% Education Cess+ 1%

SHEC in all cases

S.No. Income Range Tax PercentageOther s & Men

1 Up to 1,80,000 Nil2 1,80,001 to 5,00,000 10%3 5,00,001 to 8,00,000 20%4 Above 8,00,000 30%

INCOME TAX SLAB RATES FOR AY 12-13

Add: 2% Education Cess and 1% SHEC in all cases

S.No.For Individual Individual /HUF

Source of Income ITR-1 ITR-2 ITR-3 ITR-4

1 Income from Salary/Pension • • • •

2Income from Other Sources (only Interest Income or Family Pension)

• • • •

3 Income / Loss from Other Sources • • •

4 Income / Loss from House Property • • •

5 Capital Gains /Loss on sale of investments/property • • •

6 Partner in a Partnership Firm • •

7 Income from Proprietary Business/Profession •

TYPES OF INCOME TAX RETURNS FOR FILING

S.No.

For Firms, AOP, BOI, Local Authority Companies Trusts Only

FBT

Source of Income ITR-5 ITR-6 ITR-7 ITR-8

1 Income / Loss from Other Sources • • •

2 Income / Loss from House Property • • •

3 Capital Gains / Loss on sale of Investments / Property • • •

4 Income / Loss from Business • • •

5 Fringe Benefit Tax • • • •

TYPES OF INCOME TAX RETURNS FOR FILING