Income tax slab for fy 2013 14

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Income tax slab for fy 2013 14

  1. 1. CMRISHI B. KHANNA, CFP Income tax slab for F.Y. 2013-14 (A.Y. 2014-15)Income Tax Slab/Rate for Assessment Year 2013-14 and Income Tax Rates for F.Y. 2013-14 (A.Y 2014-15) are same as budget of 2103 and has made nochanges in the Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical personand Companies (including partnership firms and LLP’s).As per 2013 Budget(Finance Act, 2013) section 87A of the Income Tax Act, 1961 - Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh :With a view to provide tax relief to the individual tax payers who are in lower income bracket, it is proposed to provide rebate from the tax payable byan assessee, being an individual resident in India, whose total income does not exceed five lakh rupees.The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of two thousand rupees,whichever is less. Consequently any individual having income up to Rs 2,20,000 will not be required to pay any tax and every individual having totalincome above Rs. 2,20,000/- but not exceeding Rs. 5,00,000/- shall get a tax relief of Rs. 2000/-. New Income tax slab for F.Y 2013-14 / A.Y 2013-14 New Income Tax Slabs for AY 14-15 for Resident Senior Citizens above 60 years (FY 2013-14) S. No. Income Range Tax percentage 1 Up to Rs 2,50,000 No tax / exempt 2 2,50,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 Above 10,00,000 30% New Income Tax Slabs for AY 14-15 for Resident Senior Citizens above 80 years (FY 2013-14) S. No. Income Range Tax percentage 1 Up to Rs 5,00,000 No tax / exempt 2 5,00,001 to 10,00,000 20% 3 Above 10,00,000 30% New Income Tax Slabs for AY 14-15 for Resident Women (below 60 years) (FY 2013-14) 1 Up to Rs 2,00,000 No tax / exempt 2 2,00,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 Above 10,00,000 30% New Income Tax Slabs for AY 14-15 for Others & Men (FY 2013-14) 1 Up to Rs 2,00,000 No tax / exempt 2 2,00,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 Above 10,00,000 30%FINANCIAL PLANNING INSURANCE INVESTMENTS

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