Your browser (Internet Explorer 6) is out of date. It has known security flaws and may not display all features of this and other websites. Learn how to update your browser.
X

Income Tax Slab for Financial Year 2013-14 (AY 2014-15)

Finance minister P Chidambaram presented the union budget on 28th February, 2013. There is no change in 10%, 20% and 30% slab rates; they remain the same. However, Tax relief of maximum upto Rs. 2,000 provided to those who have income less than Rs. 5,00,000. Section 87 of income tax act will be consequentially amended.

Further, surcharge of 10 % levied on the individuals having total income greater than Rs. 1 Crore.

Click Here to Download Income Tax Calculator for AY 2014-15

The revised  income tax slab and rates applicable for the Financial Year (FY) 2013-14 and Assessment Year (AY) 2014-15 are mentioned below:

A. Individuals (other than “B” and “C” below) and HUF’s :

Income Range (in Rs.) Tax Percentage
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

B.  Senior Citizen (Individuals Aged 60 years and above but less than 80 years) :

Income Range (in Rs.) Tax Percentage
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

 C.  Very Senior Citizen (Individuals Aged 80 years and above) :

Income Range (in Rs.) Tax Percentage
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Further the amount of Income Tax shall be increased by

a. Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.

b. Education Cess and Other Cess: 3% of the Income-Tax and Surcharge

Click Here for Income tax rates applicable for FY 12-13 (AY 13-14)

  • Hi, thanks for sharing. I’m wondering if it’s OK to copy some of the text in my site?

    Don Hall

    July 4, 2013

Leave a comment  

name*

email*

website

Submit comment