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Income Tax Slab Rates for 2013-14 and 2014-15

Income Tax Slab Rate for Year 2013-14(A.Y.) and Income Tax Rates for F.Y. 2013-14 (A.Y 2014-15) are same as Year 2012-13. 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). Income Tax payer must be aware about the applicable Income Tax slab rate to him as it will help him to plan his income tax liability and also he can plan the Income Tax saving strategy in advance. Also tax Payer with higher tax liability has to plan his advance tax payment based on Income tax rates applicable to him. So its better to plan in advance your saving strategies and save your money.

As per Finance Act, 2013 section 87A of the Income Tax Act, 1961 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.

Income Tax Rates for Assessment Year 2013-14 and 2014-15

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

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,00,000Nil NilNil
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 range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,50,000Nil NilNil
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 range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 5,00,000Nil NilNil
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 range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,00,000Nil NilNil
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 from 5 to 10 percent on domestic companies whose taxable income exceed Rs.10 crore).
  • Education Cess: 3% 

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