Page 28 - DCOM301_INCOME_TAX_LAWS_I

Unit 1: Income Tax: Basic Framework

2. Rates of Tax: Income Tax Slab Rate for Year 2013–14(A.Y.) and Income Tax Rates for F.Y. Notes
2013–14 (A.Y 2014–15) are same as budget of 2013 has made no changes in the Income tax
slab rates for Individual, Woman, Senior Citizen, Super Senior Citizen and HUF/AOP/
BOI/artificial juridical person and Companies. Income Tax Slab Rates 2012–13. Income
Tax payer must be aware about the applicable Income Tax slab rate to him as it will help
him to plan his income tax liability and also he can plan the Income Tax saving strategy in
advance.
Income Tax Slabs and Rates for AY 2014–15 (FY 2013–14) are as follows:
(a) For Individual or HUF or AOP or BOI or Artificial Judicial Person:

Table 1.1: Tax Slabs for Individual, HUF and Artificial Judicial Person

Income Slabs Income Tax Rate
i. Where the total income does not exceed NIL
` 2, 00,000.
ii. Where the total income exceeds 10% of amount by which the total income
` 2,00,000 but does not exceed ` 5,00,000. exceeds ` 2, 00,000.
Less: Tax Credit - 10% of taxable income upto a
maximum of ` 2000.
iii. Where the total income exceeds ` 5,00,000 but ` 30,000 + 20% of the amount by which the
does not exceed ` 10, 00,000. total income exceeds ` 5, 00,000.
iv. Where the total income exceeds ` 10,00,000. ` 130,000 + 30% of the amount by which the
total income exceeds ` 10,00,000
Source: http://finotax.com/itax/itaxrates13.htm
Surcharge: 10% of the Income Tax, where total taxable income is more than ` 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
(b) For Individual resident who is of the age of 60 years or more but below the age of 80 years at
any time during the previous year

Table 1.2: Tax Slabs for Individuals (Age of 60 years or more but below 80 years)

Income Slabs Income Tax Rate
i. Where the total income does not exceed NIL
` 2, 50,000.
ii. Where the total income exceeds ` 2,50,000 10% of the amount by which the total income
but does not exceed ` 5,00,000 exceeds ` 2, 50,000.
iii. Where the total income exceeds ` 5,00,000 ` 25,000 + 20% of the amount by which the
but does not exceed ` 10,00,000 total income exceeds ` 5, 00,000.
iv. Where the total income exceeds ` 125,000 + 30% of the amount by which the
` 10,00,000 total income exceeds ` 10, 00,000.
Surcharge: 10% of the Income Tax, where total taxable income is more than ` 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
(c) Individual resident who is of the age of 80 years or more at any time during the previous year

Table 1.3: Tax Slabs for Individual (Age 80 years or more)

Income Slabs Income Tax Rate
i. Where the total income does not exceed NIL
` 5, 00,000.
Contd...

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