INCOME TAX 2013-14 SLABS
I. Individual resident below 60 years of age (i.e. born on or after 1st April 1953) or any NRI / HUF / AOP / BOI / AJP *
i. Income-tax:
| Income Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 2,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,00,000/- |
| iii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. |
| iv. | Where the total income exceeds Rs. 10,00,000/-. | Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
ii. Surcharge: Nil
iii. 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
II. 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)
i. Income-tax:
| Income Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- | 10% of the amount by which the total income exceeds Rs. 2,50,000/-. |
| iii. | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- | Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-. |
| iv. | Where the total income exceeds Rs. 10,00,000/- | Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income Tax.
III. 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)
i. Income-tax:
| Income Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 5,00,000/-. | NIL |
| ii. | 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/-. |
| iii. | Where the total income exceeds Rs. 10,00,000/- | Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-. |
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income Tax.
IV. Co-operative Society
i. Income-tax:
| Income Slabs | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs. 10,000/-. | 10% of the income. |
| ii. | Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. | Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-. |
| iii. | Where the total income exceeds Rs. 20,000/- | Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-. |
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income-tax.
V. Firm
i. Income-tax: 30% of total income.
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income Tax.
VI. Local Authority
i. Income-tax: 30% of total income.
ii. Surcharge: Nil
iii. Education Cess: 3% of the Income Tax.
VII. Domestic Company
i. Income-tax: 30% of total income.
ii. 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.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
