Income Tax Rates for FY 2013-14 / AY 2014-15
Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:
Assessment Year 2014-15, Relevant to Financial Year 2013-14
For Individuals below 60 years age (including Woman Assessees):
| Income | Tax Rate |
| Upto 200,000 | Nil |
| 200,000 to 500,000 | 10% of the amount exceeding 200,000 |
| 500,000 to 1,000,000 | Rs.30,000 + 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.130,000 + 30% of the amount exceeding 1,000,000 |
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
| Income | Tax Rate |
| Upto 250,000 | Nil |
| 250,000 to 500,000 | 10% of the amount exceeding 250,000 |
| 500,000 to 1,000,000 | Rs.25,000 + 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.125,000 + 30% of the amount exceeding 1,000,000 |
For Individuals aged 80 years and above (Very Senior Citizen):
| Income | Tax Rate |
| Upto 500,000 | Nil |
| 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000
Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.
Education Cess: 3% of Income Tax plus Surcharge
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A) In case of Individual (including women) whose age is not more than sixty years.
|
Total income up to 2,00,000 |
Nil |
|
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 Less Tax credit (10% of taxable income up to a maximum of Rs. 2,000 for residents) |
|
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
|
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
B) In case of resident individual who is of the age of sixty years or more but not more than the age of eighty years during the previous year.
|
Total income up to 2,50,000 |
Nil |
|
Total income in excess of 2,50,000 up to 5,00,000 |
10 % of the amount in excess of 2,50,000 |
|
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 25,000 |
|
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 1,25,000 |
C) In case of individual who is of the age of eighty years or more at any time during the previous year.
|
Total income up to 5,00,000 |
Nil |
|
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 |
|
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 1,00,000 |
D) AOP (association of persons) or BOI (body of individuals).
|
Total income up to 2,00,000 |
Nil |
|
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 |
|
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
|
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
E) Co-operative society
|
Total income up to 10,000 |
10 % the total income |
|
Total income in excess of 10,000 up to 20,000 |
20 % of the amount in excess of 10,000 + 1,000 |
|
Total income in excess of 20,000 |
30 % of the amount in excess of 20,000 + 3,000 |
F) Hindu undivided family (HUF)
|
Total income up to 2,00,000 |
Nil |
|
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 |
|
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
|
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
G) Firm, Local authority
|
On the total income |
30 % of the total income |
Surcharge and Education Cess applicable to above mentioned persons
- Surcharge: 10 % of income tax, where taxable income exceeds Rs 1 crore
- Education cess: 3 % of income tax&surcharge,if any
H) Company
1) Domestic company
|
On the total income |
30 % of the total income |
Surcharge:
- 5 % of income tax when total income exceeds one crore
- 10 % of income tax when total income exceeds 10 crore
Education Cess: 3 % of Income tax & surcharge
2) Company other than domestic company
| 1 |
on so much of the total income as consists of:
|
50% |
|
a)royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or |
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b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been 50% ;approved by the Central Government. |
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| 2 |
Other income |
40 % |
Surcharge:
- 2 % of income tax when total income exceeds one crore
- 5 % of income tax when total income exceeds 10 crore
Education Cess: 3 % of Income tax & surcharge