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Income Tax Slab: Income Tax Rates for FY 2013-14, AY 2014-15

Income Tax Slab Rate for Year F.Y. 2013-14 (A.Y 2014-15). Finance Act, 2013 has made no changes in the Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s) as compared to FY 2012-13 i.e. AY 2013-14.  Income Tax liability depends on the Income tax rates applicable to the assessee so assessee must be aware about the applicable income tax rates and also based on the tax liability  person can plan his Income Tax saving strategy in advance. As individual with Total income of Rs.6 Lac can plan the tax saving investment for AY 2014-15 in Year 2013-14 and invest in tax saving investment options like ELSS Mutual Fund or Provident Fund or Invest in Rajiv Gandhi Equity Scheme and Save Rs 22000 (20% of  Rs 1 Lac plus additional income tax benefit of Rs 2000/- allowed in Finance Act 2013 available only to person with income of less than Rs 5 Lac). 

As per Finance Act, 2013 section 87A of the Income Tax Act, 1961 additional rebate of Rs.2000/- will be given to the individual tax payer whose total does not exceed Rs 5 lakhs or we can say that Individual Tax Payer whose total income doesn’t exceed Rs 5 Lakhs is eligible for deduction of Rs 20000/- from income. Finance Act, 2013 has levied the Surcharge of 10 percent on persons (other than companies) whose taxable income exceed Rs.1 crore to augment revenues. Also government has increase the dividend distribution tax or tax on distributed income, current surcharge increased from 5 to 10 percent. Reductions made in rates of Securities Transaction Tax in respect of certain transaction.

Income Tax Rates for Assessment Year 2014-15

Income Tax Rates for a resident woman (who is below 60 years):

Net income range
Income tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,00,000NilNilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,000130000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident senior citizen(who is above 60 years but below 80 years): 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,50,000NilNilNil
Rs. 2,50,000 – 5,00,00010% of (total income – 2,50,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00025,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,25,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident super senior citizen(who is above 80 years): 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 5,00,000NilNilNil
Rs. 5,00,000 – 10,00,00020% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,00,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for any other individual i.e. every HUF/AOP/BOI/artificial juridical person: 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,00,000NilNilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,30,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for Partnership Firm including LLP:

  • Income Tax Rate: 30%
  • Education Cess: 3%

Income Tax Rates for Domestic Companies:

  • Income Tax Rate : 30%
  • Surcharge: 5% ( surcharge @ 10 percent on domestic companies whose taxable income exceed Rs.10 crore).
  • Education Cess: 3%

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