Income Tax Slabs and Rate Chart for AY 2014-15 FY 2013-14

For the Financial 2013 – 2014, the basic exemption limit has not been increased and the Finance Minister explains why..

No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outside Tax Net.

However  there is a relief for Tax Payers in the first bracket of 2 lakhs to 5 lakhs. A tax credit of Rs. 2000 to every person with total income up to Rs. 5 lakhs.

The Income tax slabs for the Financial Year 2013-14 is as

Income Tax Slabs for Individual, HUF, AOP and BOI

Income Tax Rates for Co-operative Societies

Income Tax Rate for Partnership Firms. LLP and Local Authority

Income Tax Rate for Domestic Companies

Income Tax Rates for Companies other than Domestic Companies

Income Tax Slabs for Individual, HUF, AOP and BOI

Individual/HUF/AOP/BOIWomenSenior Citizen *Super Senior Citizen *Rate
Upto Rs.2,00,000Upto Rs.2,00,000Upto Rs.2,50,000Upto Rs.500,000No Tax
Rs.2,00,001 – 5,00,000Rs.2,00,001 – 5,00,000Rs.2,50,001 – 5,00,000Not Applicable10%
Rs.5,00,001 – 10,00,000Rs.5,00,001 – 10,00,000Rs.5,00,001 – 10,00,000Rs.5,00,001 – 10,00,00020%
Above 10,00,000Above 10,00,000Above 10,00,000Above 10,00,00030%
Surcharge at 10% if total Income Exceeds Rs. 1 Crore. Educational Cess is Payable at 3% on Tax Calculated.

Income Tax Rates for Co-operative Societies

AWhere the total income does not exceed Rs. 10,000.10%
BWhere the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000.20%
C

Where the total income exceeds Rs. 20,000.

30%

Income Tax Rates for Partnership Firms, LLP’s and Local Authority

AIncome Tax at 30% of total income.
BSurcharge at 10% if total Income Exceeds Rs. 1 Crore.
C

Educational Cess is payable at 3% of the total of Income Tax.

Income Tax Rate for Domestic Companies

AIncome Tax at 30% of total income.
BSurcharge at 10% if total Income Exceeds Rs. 10 Crore.
C

Educational Cess is payable at 3% of the total of Income Tax.

Income Tax Rate for Foreign Companies

A50% 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.
B40% of the balance
CThe 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. 5% of the Income Tax, where total taxable income is more than Rs. 10 crore.
D

Educational Cess is payable at 3% of the total of Income Tax.

Comments

  1. CHINTESH G. SHAH says

    As per Sec. 87A,
    net total income is to be considered for the purpose of claiming of rebate….
    i.e. gross total income – deduction under Sec.80c to 80u
    if ur net taxable income is only 385000, rebate U/s.87A can be claimed for the amount of rebate of Rs.2000

    • Joshua says

      Senior Citizens are those who are above 60 years of age but below 80.. Super Senior Citizens are those who are above 80..

  2. Romi says

    my gross salary for fy2013-14 is 250000(projected)kindly show the detail of income tax calculation.
    my investments are as below:
    p.f.-22348
    h.r.a rebate-2359.19

  3. shashi Kr pathak says

    plz give details about service tax for different services.
    what service tax will be apply on A/c restaurant?

  4. shuvendu satpathy says

    An employee under an organisation run by HUF whose turn over not yet 1 crore and above so can not apply for TAN number, HOW AN EMPLOYEE OF THAT ORGANISATION CAN DEDUCT TAX . WHETHER INDIVIDUALLY THROUGH SELF ASSESSMENT OR HOW HUF ORGANISATION WILL SUBMIT THE TAX DEDUCTED AT SOURCE FROM THEIR EMPLOYEE WITHOUT TAN NUMBER.please expedite reply

    • S.P.Uniyal says

      please tell how can I deduction the tax rebate of 2,000.
      when my gross income is Rs. 5,45,000 P.A.but the taxable income is only Rs.3,85,000

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