INCOME TAX SLABS FOR THE PERIOD OF 2013-14 :-
Income Tax Slabs and Rates
Assessment Year 2013-14 (Financial Year 2012-13)
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
i. Where the total income does not exceed Rs. 2,00,000/-.
ii. Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
iv. Where the total income exceeds Rs. 10,00,000/-.
Income Tax Rate
i. NIL
ii. 10% of amount by which the total income exceeds Rs. 2,00,000/-
iii. Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-
iv. 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
i. Where the total income does not exceed Rs. 2,50,000/-.
ii. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
iv. Where the total income exceeds Rs. 10,00,000/-
Income Tax Rate
i. NIL
ii. 10% of the amount by which the total income exceeds Rs. 2,50,000/-.
iii. Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv. 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.
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)
3. 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
i. Where the total income does not exceed Rs. 5,00,000/-.
ii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
iii. Where the total income exceeds Rs. 10,00,000/-
Income Tax Rate
i. NIL
ii. 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii. 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
i. Where the total income does not exceed Rs. 10,000/-.
ii. Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.
iii. Where the total income exceeds Rs. 20,000/-
Income Tax Rate
i. 10% of the income.
ii. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.
Surcharge: Nil
Education Cess: 3% of the Income-tax.
Firm :-
Income-tax: 30% of total income.Calculate Tax Liability for AY 2013-14
Surcharge: Nil
Education Cess: 3% of the Income Tax.
Local Authority :-
Income-tax: 30% of total income.Calculate Tax Liability for AY 2013-14
Surcharge: Nil
Education Cess: 3% of the Income Tax.
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.
Company other than a Domestic Company :-
Income-tax:- @ 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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