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Saturday, March 15, 2014

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

There has been no change in the existing tax slabs in the interim budget of the current fiscal year. The tax slabs applicable for FY 2013-14 / AY 2014-15 are as given in the post...read on...
Depending on your age, please refer to the income tax slabs as applicable to you.

Case I
Below 60 years

 


Case II
Between 60 to 80 years

Case III
Above 80 years

Important Notes:
  • Education Cess is 3% in case of an Individual or HUF.
  • There is no surcharge in case of an Individual or HUF, having income up to Rs. 1 crore but after this surcharge will be 10% of the tax payable.
  • There shall be a credit of  Rs. 2,000 or tax payable whichever is less for individual tax payer for having income up to Rs. 5 Lacs. 

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Manoj Arora
Freedom can buy you what money cannot !!
But no major changes in Tax Rates. The following Tax Rates is applicable for Fin. Year 2014-15 and Assessment Year 2015-16 as per union budget placed by Finance Minister for Fin. Year 2014-15:
I(A) - In case of every individual other than the individual referred to in I(B),I(C) and I(D) or in the case of HUF (Resident as well as Non-resident):

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000
NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(B) - In case of every individual, being a woman resident in India and below the age of 60 years at any time during the previous year:

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000
NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000
I(C) - In case of every individual, being a resident in India who is the age of 60 years or more but less than 80 years at any time during the previous year :

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,50,000
NIL
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,50,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 25,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 125,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(D) - In case of every individual, being a resident in India who is the age of 80 years or more at any time during the previous year :

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 5,00,000
NIL
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 100,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

POINTS TO BE NOTED: 
  • Education Cess is 3% in case of an Individual or HUF. 
  • There is no surcharge in case of an Individual or HUF, having income upto Rs. 1 crore but after this surcharge will be 10% of the tax payable.
Note: There shall be a credit of ` 2000 or tax payable whichever is less for individual tax payer for having income upto Rs. 5 Lacs. 
- See more at: http://gsoftnet.blogspot.in/2014/03/income-tax-rateslab-for-asstt-year-2014.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+blogspot/qrIv+(Gsoftnet)#sthash.qqjPVbRm.dpuf

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