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.
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