Finance Act, 2012Re-read 2 September 2026Previous year 2011-12
Income-tax rates for assessment year 2012-13
The rates Finance Act, 2012 charged on the income of the previous year 2011-12, taken from the Act’s own charging section and First Schedule.
Independently re-read on 2 September 2026
A second pass went back to the department’s text at the sources listed at the foot of this page and read these figures again. That check is recorded in the record itself as verified_on: 2026-09-02.
Which Act set these rates
ActFinance Act, 2012
Assessment year2012-13
Income of the previous year2011-12
What was readthe charging section and the First Schedule
Finance Act, 2012 charged income-tax for the assessment year commencing 1 April 2012. What it charged was the income of the previous year 2011-12. The two are a year apart and the difference matters: a table headed by the wrong one is useless.
The slabs
Old
individual (other than a resident woman below sixty and resident individuals of sixty years or more), HUF, AOP, BOI, artificial juridical person
Maximum amount not chargeable to income-tax: Rs 1,80,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 1,80,000 | Nil |
| Rs 1,80,001 – Rs 5,00,000 | 10% |
| Rs 5,00,001 – Rs 8,00,000 | 20% |
| Rs 8,00,001 and above | 30% |
First Schedule, Part I, Paragraph A, sub-paragraph (i).
Senior citizens, very senior citizens, and women
Only where the Act for this year set a separate threshold or a separate table. Where it did not, this page says so.
Resident senior citizens
resident individual of sixty years or more but less than eighty years (Paragraph A, sub-paragraph (iii))
Maximum amount not chargeable to income-tax: Rs 2,50,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 2,50,000 | Nil |
| Rs 2,50,001 – Rs 5,00,000 | 10% |
| Rs 5,00,001 – Rs 8,00,000 | 20% |
| Rs 8,00,001 and above | 30% |
Resident very senior citizens
resident individual of the age of eighty years or more (Paragraph A, sub-paragraph (iv))
Maximum amount not chargeable to income-tax: Rs 5,00,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 5,00,000 | Nil |
| Rs 5,00,001 – Rs 8,00,000 | 20% |
| Rs 8,00,001 and above | 30% |
Resident women
woman resident in India and below the age of sixty years (Paragraph A, sub-paragraph (ii)); this is the last year the separate table for women appears
Maximum amount not chargeable to income-tax: Rs 1,90,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 1,90,000 | Nil |
| Rs 1,90,001 – Rs 5,00,000 | 10% |
| Rs 5,00,001 – Rs 8,00,000 | 20% |
| Rs 8,00,001 and above | 30% |
Surcharge
No surcharge is recorded for this year.
Paragraph A of Part I imposes no surcharge on individuals, HUF, AOP or BOI for this assessment year. The 5 per cent and 2 per cent surcharges above one crore rupees are in Paragraph E (companies) only.
Cess
| Cess | Rate |
|---|
| Education Cess | 2% |
| Secondary and Higher Education Cess | 1% |
Section 2(11) and 2(12) compute both cesses on the income-tax as specified in sub-sections (1) to (10); sub-section (1) is within scope, so both apply to AY 2012-13.
Marginal relief
Paragraph E: the total amount payable as income-tax and surcharge on a total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Companies, firms, co-operative societies and local authorities
Reproduced in the Act’s own words, because these rates carry conditions a single percentage cannot.
| Assessee | Rate as the Act states it |
|---|
| Domestic company | 30 per cent of the total income; surcharge 5 per cent where total income exceeds one crore rupees |
| Foreign company | 40 per cent, and 50 per cent on specified royalties and fees for technical services under approved pre-1976 agreements; surcharge 2 per cent where total income exceeds one crore rupees |
| Firms and limited liability partnerships | 30 per cent on the whole of the total income; no surcharge under Paragraph C |
| Co-operative societies | up to Rs. 10,000: 10 per cent; Rs. 10,001 to Rs. 20,000: Rs. 1,000 plus 20 per cent of the excess over Rs. 10,000; above Rs. 20,000: Rs. 3,000 plus 30 per cent of the excess over Rs. 20,000 |
| Local authorities | 30 per cent on the whole of the total income; no surcharge |
What changed from the year before
Worked out by comparing this record with the one for the preceding assessment year in this collection. Where a figure is absent from either record, that is said rather than guessed.
- Against assessment year 2011-12 (Finance Act, 2011): the old regime’s exemption limit moves from Rs 1,60,000 to Rs 1,80,000.
- The top slab rate is unchanged at 30%.
- Neither year records a surcharge on individuals.
- The cess is unchanged: Education Cess 2%; Secondary and Higher Education Cess 1%.
- The company rates are stated differently this year; read both years’ wording rather than taking a single number from either.
- The firm rate are stated differently this year; read both years’ wording rather than taking a single number from either.
- The co-operative society rates are stated differently this year; read both years’ wording rather than taking a single number from either.
- The local authority rate are stated differently this year; read both years’ wording rather than taking a single number from either.
- The separate threshold for resident senior citizens moves from Rs 2,40,000 to Rs 2,50,000.
- The separate threshold for resident very senior citizens appears this year; the previous record has none.
- The separate table for resident women is unchanged at Rs 1,90,000.
What this page is, and what it is not
The figures are the Finance Act’s own. Every rate, threshold and exemption on this page was taken out of the Income Tax Department’s own text of the Act that charged the year — the charging section and the First Schedule — and the records we read are linked under Sources on each year’s page. The writing around the figures is ours: the arrangement, the headings, the comparison with the year before and every sentence of explanation. Those are not the Act.
These tables are for orientation. The Act governs. A rate table is a finding aid, not the law. The Act, its First Schedule and the provisos in it decide what is payable, and a table cannot carry the provisos. If you are about to rely on a figure here — in a return, in a computation, in a reply to a notice — open the source linked on the year’s page and read the figure in the Act for yourself. Where a record did not reach a rate, this library says so rather than filling the gap.