Income Tax Slabs Rates For Assessment Year 2013-2014

The Income Tax Slabs rates for Financial year 2012-2013 i.e. Assessment Year 2013-2014 has been announced by Finance Minister Mr.Pranab Mukherjee in the Union Budget 2012-2013.

The basic Exemption limits are revised and the Finance Ministry has widened the tax slabs for men and senior citizens. The threshold limit for men has been increased to Rs. 2,00,000/- thereby providing a benefit of Rs.2,000/-  on income tax this year as compared to previous year.The range of 20% slab has also been widened and increased from 8 lacs to 10 lacs. So if your taxable income is Rs.10,00,000/- then there will be a benefit of Rs.22,000/- as compared to last year.

The budget also exempts income in the form of bank interest upto Rs.10,000/- under section 80L of the Income Tax Act.

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The new and revised income tax slabs & rates applicable for Financial year 2013-14 are as follows:

I. For Individuals & HUF (including men & women below the age of 60 years)

  • Income Tax
S.No. INCOME RANGE  TAX PERCENTAGE
1. UPTO Rs.2,00,000/- NIL
2. Rs.2,00,001/- to Rs.5,00,000/- 10%
3. Rs.500,001/- to Rs. 10,00,000/- 20%
4. Above Rs.10,00,000/- 30%
  • Education cess : 3% of the Income Tax.

II. For Resident Senior citizens ( age of 60 years or more but below 80 years)

  • Income Tax
S.No. INCOME RANGE  TAX PERCENTAGE
1. UPTO Rs.2,50,000/- NIL
2. Rs.2,50,001/- to Rs.5,00,000/- 10%
3. Rs.500,001/- to Rs. 10,00,000/- 20%
4. Above Rs.10,00,000/- 30%
  • Education cess : 3% of the Income Tax.

III. For Resident Senior citizens ( age of 80 years or more)

  • Income Tax
S.No. INCOME RANGE  TAX PERCENTAGE
1. UPTO Rs.5,00,000/- NIL
2. Rs.5,00,001/- to Rs.10,00,000/- 20%
3. Above Rs. 10,00,000/- 30%
  • Education cess : 3% of the Income Tax.

IV. For Association of Persons (AOP) and Body of Individuals (BOI)

  • Income Tax
S.No. INCOME RANGE  TAX PERCENTAGE
1. UPTO Rs.2,00,000/- NIL
2. Rs.2,00,001/- to Rs.5,00,000/- 10%
3. Rs.500,001/- to Rs. 10,00,000/- 20%
4. Above Rs.10,00,000/- 30%
  • Education cess : 3% of the Income Tax.

V. For Co-operative Society

  • Income Tax
S.No. INCOME RANGE  TAX PERCENTAGE
1. UPTO Rs.10,000/- 10%
2. Rs.10,001/- to Rs.20,000/- 20%
3. Above Rs. 20,000/- 30%
  • Education cess : 3% of the Income Tax.

 

VI.  For Partnership Firm

  • Income Tax : 30% of the total Income
  • Surcharge : NIL
  • Education Cess : 3% of the income tax

 

VII. For Domestic Company

  • Income-tax: 30% of total income.
  • 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.
  • Education Cess: 3% of the total of Income-tax and Surcharge.

 

VIII. For Local authority

  • Income Tax : 30% of the total Income
  • Surcharge : NIL
  • Education Cess : 3% of the income tax
Author: Neha Gupta