Income Tax Rates for FY 2013-14 / AY 2014-15

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):

IncomeTax Rate
Upto 200,000Nil
200,000 to 500,00010% of the amount exceeding 200,000
500,000 to 1,000,000Rs.30,000 + 20% of the amount exceeding 500,000
1,000,000 & aboveRs.130,000 + 30% of the amount exceeding 1,000,000


For Individuals aged 60 years and above but below 80 years (Senior Citizen):

IncomeTax Rate
Upto 250,000Nil
250,000 to 500,00010% of the amount exceeding 250,000
500,000 to 1,000,000Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & aboveRs.125,000 + 30% of the amount exceeding 1,000,000


For Individuals aged 80 years and above (Very Senior Citizen):

IncomeTax Rate
Upto 500,000Nil
500,000 to 1,000,00020% of the amount exceeding 500,000
1,000,000 & aboveRs.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

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.

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

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