Income Tax Slab Rates for FY 2013-2014 india IT Slab Rates AY Assessment Year 2014-15 income tax budget – how to pay income tax online in india

Income Tax Slab Rates for FY 2013-2014 india IT Slab Rates AY Assessment Year 2014-15

Income Tax Slab Rates for FY 2013-2014 – Income Tax Slab Rate for the Assessment Year 2014-15 has been announced in Budget 2013. Every year Income Tax Slab Rates will revised in Budget official website www.incometaxindia.gov.in

Thus, we can say that a benefit of Rs 2000/- tax credit has been given to persons having an annual income upto Rs 5 lakh. Income tax slabs for Assessment Year 2013-14 as per Finance Act, 2013 section 87A of the Income Tax Act, 1961 additional rebate of Rs.2000/- will be given to the individual tax payer whose total does NOTĀ  exceed Rs 5 lakhs.

CLICK HEREĀ  Income tax calculation 2013-14

Income tax slab

Individual resident below 60 years of age (i.e. born on or after 1st April 1953) or any NRI / HUF / AOP / BOI / AJP

Income Slabs Income Tax Rate
i. Rs. 2,00,000/-. NIL
ii. Rs. 2,00,000/- to Rs. 5,00,000/-. 10%
iii. Rs. 5,00,000/- to Rs. 10,00,000/-. 20%
iv. Rs. 10,00,000/-. 30%

Co-operative Society

Income Slabs Income Tax Rate
i. Rs. 10,000/-. 10%
ii. Rs. 10,000/- to Rs. 20,000/-. 20%
iii. Rs. 20,000/- 30%

Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1933)

Income Slabs Income Tax Rate
i. Rs. 5,00,000/-. NIL
ii. Rs. 5,00,000/- to Rs. 10,00,000/- 20%
iii. Rs. 10,00,000/- 30%

Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1933 but before 1st April 1953)

Income Slabs Income Tax Rate
i. Rs. 2,50,000/-. NIL
ii. Rs. 2,50,000/- to Rs. 5,00,000/- 10%
iii. Rs. 5,00,000/- to Rs. 10,00,000/- 20%
iv. Rs. 10,00,000/- 30%

Local Authority

Income-tax: 30% of total income.

Surcharge: Nil

Education Cess: 3% of the Income Tax.

Domestic Company

Income-tax: 30% of total income.

Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

Firm

Income-tax: 30% of total income.

Surcharge: Nil

Education Cess: 3% of the Income Tax.

Individuals

  • Person who are more than 80 years of age. They comes under very senior citizens category.
  • Persons who are more than 60 years of age but below than 80 years. They comes under senior citizens category.
  • Persons who are below than 60 years of age.

Corporate

  • Domestic Companies
  • Local Authorities
  • Co-Operative Society
  • Association of Person & Body of Individuals
  • Firms

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