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Top Slabs & Rates for Next AY 2014-15 Slabs & Rates for AY 2012-13

Income Tax Slabs & Rates for Assessment Year 2013-14

Please click on the links below to view the Income Tax (also written shortly as I. tax or Inc. tax) Slabs and Rates for the Current Assessment Year 2013-14 (applicable on income earned during 01.04.2012 to 31.03.2013) for various categories of Indian Income Tax payers. Please send us your suggestions / feedback to enable us to make this page more user-friendly and useful. Individual resident (Age below 60 Yrs.) or any NRI or HUF or AOP or BOI or AJP * Senior Citizen Super Senior Citizen Co-operative Society Firm Local Authority Domestic Company Other Company

1. Individual resident below 60 years of age (i.e. born on or after 1st April 1953) or any NRI / HUF / AOP / BOI / AJP *
Income-tax:Calculate Tax Liability for AY 2013-14

Income Slabs Where the total income does not exceed i. Rs. 2,00,000/-. Where the total income exceeds Rs. ii. 2,00,000/- but does not exceed Rs. 5,00,000/-. Where the total income exceeds Rs. iii. 5,00,000/- but does not exceed Rs. 10,00,000/-. iv. Where the total income exceeds Rs. 10,00,000/-.

Income Tax Rate NIL 10% of amount by which the total income exceeds Rs. 2,00,000/Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge: Nil Education Cess: 3% of the Income Tax. * Abbreviations used: NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

2. 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-tax:Calculate Tax Liability for AY 2013-14 Income Slabs Where the total income does not exceed i. Rs. 2,50,000/-. Where the total income exceeds Rs. ii. 2,50,000/- but does not exceed Rs. 5,00,000/Where the total income exceeds Rs. iii. 5,00,000/- but does not exceed Rs. 10,00,000/iv. Where the total income exceeds Rs. 10,00,000/Income Tax Rate NIL 10% of the amount by which the total income exceeds Rs. 2,50,000/-. Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge: Nil

Education Cess: 3% of the Income Tax.

3. 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-tax:Calculate Tax Liability for AY 2013-14 Income Slabs Where the total income does not exceed i. Rs. 5,00,000/-. Where the total income exceeds Rs. ii. 5,00,000/- but does not exceed Rs. 10,00,000/iii. Where the total income exceeds Rs. 10,00,000/Income Tax Rate NIL 20% of the amount by which the total income exceeds Rs. 5,00,000/-. Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge: Nil Education Cess: 3% of the Income Tax.

4. Co-operative Society
Income-tax:Calculate Tax Liability for AY 2013-14 Income Slabs Income Tax Rate Where the total income does not exceed i. 10% of the income. Rs. 10,000/-. Where the total income exceeds Rs. Rs. 1,000/- + 20% of income in excess of ii. 10,000/- but does not exceed Rs. 20,000/-. Rs. 10,000/-. Where the total income exceeds Rs. Rs. 3.000/- + 30% of the amount by which iii. 20,000/the total income exceeds Rs. 20,000/-. Surcharge: Nil Education Cess: 3% of the Income-tax.

5. Firm
Income-tax: 30% of total income.Calculate Tax Liability for AY 2013-14

Surcharge: Nil Education Cess: 3% of the Income Tax.

6. Local Authority
Income-tax: 30% of total income.Calculate Tax Liability for AY 2013-14 Surcharge: Nil Education Cess: 3% of the Income Tax.

7. Domestic Company
Income-tax: 30% of total income.Calculate Tax Liability for AY 2013-14 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.

8. Company other than a Domestic Company

Income-tax:Calculate Tax Liability for AY 2013-14
o

@ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government. @ 40% of the balance

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 2% of such income tax, provided that the total income exceeds Rs. 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge.

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All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage. SitemapPrivacyToolbarContactBlog

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Income Tax Slabs for FY 2013-14 AY 2014-15

In income Tax Slab for ay 14-15 / fy 13-14, basic tax exemption limits are the same. The only benefit this financial year is there is a tax credit of Rs 2000 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year There is no change in 10%, 20% and 30% slab rates they remain the same. The 10% slab is from RS 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to RS 10,00,000 and 30% tax slab starts from Rs 10,00,001 There is no change in tax structure for women and senior citizens In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments. The new and revised income tax slabs and rates applicable for the financial year (FY) 201314 and assessment year (AY) 2014-15 are mentioned below:

New Income tax slab for fy 2013-14 / ay 2014-15

New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2013-14) S. No. 1 2 3 4 Income Range Up to Rs 2,50,000 2,50,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 Tax percentage No tax / exempt 10% 20% 30%

New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 80 years (FY 2013-14) S. No. Income Range Tax percentage

1 2 3

Up to Rs 5,00,000 5,00,001 to 10,00,000 Above 10,00,000

No tax / exempt 20% 30%

New Income Tax Slabs for ay 14-15 for Resident Women (below 60 years) (FY 2013-14) 1 2 3 4 Up to Rs 2,00,000 2,00,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 No tax / exempt 10% 20% 30%

New Income Tax Slabs for ay 14-15 for Others & Men (FY 2013-14) 1 2 3 4 Up to Rs 2,00,000 2,00,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 No tax / exempt 10% 20% 30%

For normal category the simple calculation is as follows Taxable Income in 10% slab maximum tax will be Rs 28000 (taking 2000 tax credit into consideration) Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000) Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000

Education and other cess will be in addition to this Older Income tax rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

Income tax slab for fy 2012-13 / ay 2013-14

Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13) S. No. 1 2 3 4 Income Range Up to Rs 2,50,000 2,50,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 Tax percentage No tax / exempt 10% 20% 30%

Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13) S. No. 1 2 3 Income Range Up to Rs 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 Tax percentage No tax / exempt 20% 30%

New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13) 1 2 3 4 Up to Rs 2,00,000 2,00,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000 No tax / exempt 10% 20% 30%

New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13) 1 Up to Rs 2,00,000 No tax / exempt

2 3 4

2,00,001 to 5,00,000 5,00,001 to 10,00,000 Above 10,00,000

10% 20% 30%

For normal category the simple calculation is as follows Taxable Income in 10% slab maximum tax will be Rs 30000 Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000 Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000

Education and other cess will be in addition to this.

Email ThisBlogThis!Share to TwitterShare to Facebook Labels: Income Tax 28 comments:

1. Anonymous24 June 2013 17:13

pls correct the heading of the table

Reply Replies

1. Sumit Kumar Gogawat24 June 2013 17:15

what is wrong in heading please suggest.

2. Anonymous28 June 2013 14:17

ih heading AY and FY are same

Reply

2. Anonymous29 June 2013 15:06

There is nothing wrong

Reply

3. Anonymous1 July 2013 19:00

what are the slab rates for resident man???

Reply Replies

1. Sumit Kumar Gogawat2 July 2013 09:25

The above slabs are for resident persons.

Reply

4. Anonymous8 July 2013 13:37

there is 1st table 1st heading is wrong.. other wise so many thanks for information.
Reply

5.

Anonymous12 July 2013 20:41

MY SALARY RS IS 600000 BEFORE DEDUCTIONS CAN I GET 2000 TAX BENEFIT

Reply Replies

1. Anonymous13 July 2013 10:05

NO, YOU CAN NOT GET THE EXTRA DEDUCTION OF RS. 2000 BECAUSE IT IS APPLICABLE UPTO RS. 500000 INCOME.

2.

Mayuri Joshi8 September 2013 13:24

please read details here http://laqsh.blogspot.in/2013/08/are-you-eligible-forincome-tax-credit.html CA Mayuri Joshi fb.com/camayurijoshi

Reply

6. Anonymous18 July 2013 13:54

how to get the tax credit of Rs. 2000 any condtions to be fulfilled for that
Reply Replies

1. Mayuri Joshi8 September 2013 13:22

please read details here http://laqsh.blogspot.in/2013/08/are-you-eligible-forincome-tax-credit.html

Reply

7. Ray Roy18 July 2013 16:03

In the main heading either write F.Yrs or write A.Yrs. You have written F.Y.13-14/ A.Y.13-14 which is obviously wrong.
Reply

8. wbxpress.com19 July 2013 21:34

Do you need an Online Calculator to check Income Tax Online? Here is one I just made it: http://wbxpress.com/income-tax-calculator/
Reply

9. Anonymous16 August 2013 17:22

Instead of "Tax" you have mentioned Total taxable income in 10 % slab is 28000 ,etc.. Please correct them to read as Total Tax
Reply Replies

1. Anonymous17 August 2013 16:07

Please read carefully.

Reply

10. yadav kumaramar6 September 2013 09:43

is applicabie for ca exam nov 2013

Reply

11. yadav kumaramar6 September 2013 09:45

is applicabie for ca exam nov 2013

Reply

12. sudhakar30 September 2013 14:40

Good information... useful to all employees and individuals in India who come under income Tax . one more site also with full information of income tax fy 2013-14 is AP Teachers
Reply

13. MUKESH CHATURVEDI3 October 2013 20:45

MY GROSS INCOME IS 5,80,000, WHAT I AM ENTILE TO REBATE 2000 TAX AFTER I HAVING SAVING 100,000 KINDLY TOLD ME
Reply

14. MUKESH CHATURVEDI3 October 2013 20:48

after one lakh saving under 80c may gross income 4,80,000. what i a entile to 2000/- tax rebate in 2013-14 (FY)
Reply

15. Anonymous5 October 2013 10:07

No, your gross total income is above than 5 lacs, so you do not take benefit of rebate of 2000 Rs.
Reply

16. Anonymous15 October 2013 07:42

All deduction i want to see

Reply

17. Jagdish Negi9 November 2013 19:03

What are the slab rates for physically disabled persons

Reply Replies

1. Sumit Kumar Gogawat11 November 2013 13:24

For more info on section Please read this article http://tallyssolution.blogspot.in/2013/11/section-80u.html

Reply

18. Sumit Kumar Gogawat11 November 2013 12:50

there is no any special deductionfor disable person. Rs. 50000 will be claimed under section 80U
Reply

19. Anonymous8 December 2013 10:10

Thank you for info. Plz inform about NRI

Reply

20. Mukesh Tiwari17 December 2013 18:46

thank you for information

Reply Add comment Load more...

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Income tax returns: 9 tax saving options other than Section 80C
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Before you calculate your tax liabilities, remember to analyze the various sections of tax deductions under the Income Tax Act as tax planning does not end with Section 80C. (Calculate your tax liability here) 80D: Tax deduction under section 80D qualifies for mediclaim policies. The premium, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs 15,000. In case of a senior citizen, the maximum amount extends up to Rs 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs 15,000. 80DD: According to the Income Tax Act, if you are paying a premium to LIC or any other insurance company (approved by the Income Tax board) for the medical treatment of a dependent physically disabled person, you can avail exemption under the section 80DD. Here, the dependent should be none other than your spouse, children, parents or sibling. If the person is suffering from 40 per cent of any disability, a fixed sum of Rs 50,000 can be claimed in a year. Similarly, if the disability is 80 per cent, the fixed sum goes up to Rs 1,00,000 per year. For initiating the process of deduction you need to submit the medical certificate issued by a medical authority along with the return of income. 80DDB: If you have incurred expenses for the medical treatment of self or your dependents, you can claim a deduction of up to Rs 40,000 or the actual amount paid, whichever is less, under the section 80DDB. For a senior citizen, the maximum exempted amount is Rs 60,000, or the amount actually paid for medical expenses. To claim a deduction under this section, you need to submit a medical certificate from a doctor working in a government hospital.

80E: The interest paid on loan taken for pursuing higher education of self or any dependent is exempted from tax under section 80E. An education loan can be taken for wife, children and minors for whom you are the legal guardian. This deduction is applicable for a period of eight years or till the interest is paid, whichever is earlier. The deduction is only approved for higher studies, which means full-time graduate or postgraduate courses in engineering, management or applied sciences, pure sciences including mathematics or statistics. However, from 2011 onwards, the scope of this exemption has been extended to cover all fields of studies including vocational studies pursued after completing the senior secondary examination or equivalent. No exemption is applicable for part-time courses. 80G: One often donates on philanthropic grounds to help the destitute. Such an amount can be donated to trusts, charitable institutions and approved educational institutions, and qualifies for deduction under Section 80G. The exemptions can be up to 50 per cent or 100 per cent of the donations made. Funds in which the donations are eligible for tax exemptions include the National Defence Fund, Prime Minister Drought Relief Fund, National Foundation for Communal Harmony, National Children's Fund, Prime Minister's National Relief Fund, etc. 80GG: If a salaried or self-employed person staying in a rented house does not receive any kind of HRA, they can claim a deduction under this section. However, you cannot avail any such benefit if you, your spouse and/or your child owns any residential accommodation in India or abroad. You can claim the least of the following under Section 80GG: 25 per cent of the total income, or Rs 2000 per month, or excess of rent paid over 10 per cent of total income. 80GGC: Any monetary contribution to any political party or electoral trust is eligible for tax exemption. Thus, your contribution, as a matter of appreciation for their work, will serve both the purposes. 80U: A resident of India suffering from any kind of specified disability is eligible to claim tax deduction under this section. In order to enjoy this opportunity, one should be suffering from not less than 40 per cent of the following diseases: blindness, low vision, mental illness, mental retardation, hearing impairment. The deduction provided is flat Rs 50,000, irrespective of the expense incurred. If the disability is severe, the deduction can be up to Rs 1 lakh. One needs to provide a copy of all the certificates issued by a medical authority in order to avail this benefit. 80CCG: The Finance Act 2012 introduced a new Section 80CCG to offer 50 per cent tax break to new investors who invest up to Rs 50,000 and whose GTI is less than or equal to Rs 10 lakh. It has been introduced for budding investors entering the equity markets for the first time and is a oncein-a-lifetime benefit. Hence, there are several sections apart from 80C that can help an individual benefit from tax

exemptions. It is time to start looking beyond 80C for tax savings. BankBazaar.com is an online loan marketplace. Disclaimer: All information in this article has been provided by BankBazaar.com and NDTV Profit is not responsible for the accuracy and completeness of the same. Story first published on: July 29, 2013 14:12 (IST) Tags: income tax, income tax return, section 80C Tweet

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You are here:HomeYour Money

7 ways salaried individuals can save taxes

InvestmentYogi.com | Updated On: August 28, 2013 20:26 (IST) Tweet

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At the end of every financial year, many tax payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to help you save more and reduce taxes. 1. Salary Restructuring Restructuring your salary may not always be possible. But if your company permits, or if you are on good terms with your HR department, restructuring a few components could reduce your tax liability.

Opt for food coupons instead of lunch allowances, as they are exempt from tax up to Rs 60,000 per year Include medical allowance, transport allowance, education allowance, uniform expenses (if any), and telephone expenses as part of salary. Produce bills of actual expenses incurred for these allowances to reduce tax Opt for the company car instead of using your own car, to reduce high prerequisite taxation.

2. Utilizing Section 80C Section 80C offers a maximum deduction of up to Rs. 1,00,000. Utilize this section to the fullest by investing in any of the available investment options. A few of the options are as follows:

Public Provident Fund Life Insurance Premium National Savings Certificate Equity Linked Savings Scheme 5 year fixed deposits with banks and post office Tuition fees paid for children's education, up to a maximum of 2 children

3. Options beyond 80C If you have exhausted your limit of Rs. 1,00,000 under section 80C, here are a few more options:

Section 80D - Deduction of Rs. 15,000 for medical insurance of self, spouse and dependent children and Rs. 20,000 for medical insurance of parents above 65 years

Section 80CCF- Deduction of Rs 20,000, in addition to the Rs 1,00,000 under 80C, for investments in notified infrastructure bonds Section 80G- Donations to specified funds or charitable institutions.

4. House Rent Allowance Are you paying rent, yet not receiving any HRA from your company? The least of the following could be claimed under Section 80GG:

25 per cent of the total income or Rs 2,000 per month or Excess of rent paid over 10 per cent of total income

This deduction will however not be allowed, if you, your spouse or minor child owns a residential accommodation in the location where you reside or perform office duties.

If HRA forms part of your salary, then the minimum of the following three is available as exemption:

The actual HRA received from your employer The actual rent paid by you for the house, minus 10 per cent of your salary (this includes basic dearness allowance, if any) 50 per cent of your basic salary (for a metro) or 40 per cent of your basic salary (for nonmetro).

5. Tax Saving from Home Loans Use your home loan efficiently to save more tax. The principal component of your loan, is included under Section 80C, offering a deduction up to Rs. 1,00,000. The interest portion offers a deduction up to Rs. 1,50,000 separately under Section 24. 6. Leave Travel Allowance Use your Leave Travel Allowance for your holidays, which is available twice in a block of four years. In case you have been unable to claim the benefit in a particular four- year block, you could now carry forward one journey to the succeeding block and claim it in the first calendar year of that block. Thus, you may be eligible for three exemptions in that block. 7. Tax on Bonus A bonus from your employer is fully taxable in the year in which you receive it. However request your employer for the following:

If you anticipate tax rates to be reduced or slabs to be modified in the subsequent year, see if you could push the bonus payment to the subsequent year Produce your tax investment details well before, to prevent your employer from deducting tax on bonus before handing it over

A Final Word Keep in mind the below points, to avoid the hassles of last minute tax planning.

Give your employer details of loans and tax saving investments beforehand, to prevent any excess deduction Check the Form 16 received at the end of each year from your employer thoroughly It is important to start your tax planning well before 31st March, and to file your returns before the 31st of July each year

InvestmentYogi.com is a leading personal finance portal. Disclaimer: All information in this article has been provided by InvestmentYogi.com and NDTV Profit is not responsible for the accuracy and completeness of the same. Story first published on: August 27, 2013 21:24 (IST) Tags: tax saving, Income tax Tweet

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