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Income Tax Slab Rates For F.Y. 2013-14 / A.Y. 2014-15
As it is announced by FM that no revision in Income tax structure for the year 2013-14 (Assessment year 2014-15), the income tax structure for the year 2012-13 to continue which given as follows
In case of individual (other than II and III below) and HUF
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Income Level
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Income Tax Rate
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Where the total income does not exceed Rs.2,00,000/-.
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NIL
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Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.
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10% of amount by which the total income exceeds Rs. 2,00,000/-***
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Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.
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Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
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Where the total income exceeds Rs.10,00,000/-.
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Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
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*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh
II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-
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Income Level
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Income Tax Rate
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Where the total income does not exceed Rs.2,00,000/-.
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NIL
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Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.
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10% of the amount by which the total income exceeds Rs.2,00,000/-.
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Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.
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Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.***
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Where the total income exceeds Rs.10,00,000/-
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Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
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***Tax credit of Rs.2000 for annual income of Rs. 5 lakh
III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
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Income Level
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Income Tax Rate
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Where the total income does not exceed Rs.2,50,000/-.
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NIL
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Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
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10% of the amount by which the total income exceeds Rs.2,50,000/-.
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Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
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Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.***
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Where the total income exceeds Rs.10,00,000/- oris replica watches
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Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
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***Tax credit of Rs.2000 for annual income of Rs. 5 lakh
IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-
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Income Level
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Income Tax Rate
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Where the total income does not exceed Rs.2,50,000/-.
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NIL
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Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
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Nil replica watches
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Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
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20% of the amount by which the total income exceeds Rs.5,00,000/-.***
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Where the total income exceeds Rs.10,00,000/-
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Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
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***Tax credit of Rs.2000 for annual income of Rs. 5 lakh
· Education Cess: 3% of the Income-tax.
· New Rs 50,000 tax exemption for retail equity investments
· Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
· Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
· Surcharge of 10% on income more than Rs. 1 crore omega replica watches
· Tax credit of Rs.2000 for annual income of Rs. 5 lakh
· Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs
· Rajiv Gandhi Equity Savings Scheme extended to mutual funds.
· Rajiv Gandhi Equity Savings Scheme to be liberlised.
· Rajiv Gandhi Equity Savings Scheme limit increased.
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