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Income Tax Brackets 2013-14 India

Income Tax rates are revised almost every year and it is very essential to be updated with latest tax rates. This year (FY 2013-14) there are no surprises and the tax structure is exactly the same as it was last year (FY 2012-13).

Basic Tax exemption limits in Income Tax slab for the year 2013-14 are exactly the same. Sole benefit which a tax payer who has an annual income of Rs 5, 00,000 is, that he can avail tax credit of Rs 2000. There aren’t any other benefits as compared to the previous financial year.

There is no alteration in 10%, 20% & 30% slab rates so they shall remain same. As usual, the 10% slab ranges from Rs2, 00,000 to Rs 5, 00,00 &20% slab ranges from Rs5,00,001 to Rs 10,00,000 and  30% tax slab  starts from Rs 10,00,001 onwards.

Also, there is no change in basic tax structure for women and senior citizens.

According to new tax structure, the an exemption of Rs 20,000 if a tax payer invests in tax saving infrastructure bonds remains the same as there is no change in comparison with the structure of 2012-13. This benefit is in addition to exemption of up to Rs 1, 00,000 which is already permitted under specific savings instruments.

Revised income tax slabs effective for FY 2013-14 and AY 2014-15 are mentioned in the table below-:

New Income tax slab for FY 2013-14 / AY 2014-15

 
 
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens
above 60 years (FY 2013-14)
 
S. No. Income Range Tax percentage  

1

Up to Rs 2,50,000 No tax / exempt  

2

2,50,001 to 5,00,000

10%

 

3

5,00,001 to 10,00,000

20%

 

4

Above 10,00,000

30%

 
New Income Tax Slabs for AY 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)  
S. No. Income Range Tax percentage  

1

Up to Rs 5,00,000 No tax / exempt  

2

5,00,001 to 10,00,000

20%

 

3

Above 10,00,000

30%

 
New Income Tax Slabs for AY 14-15 for Resident Women (below 60 years) (FY 2013-14)  

1

Up to Rs 2,00,000 No tax / exempt  

2

2,00,001 to 5,00,000

10%

 

3

5,00,001 to 10,00,000

20%

 

4

Above 10,00,000

30%

 
New Income Tax Slabs for AY 14-15 for Others & Men (FY 2013-14)  

1

Up to Rs 2,00,000 No tax / exempt  

2

2,00,001 to 5,00,000

10%

 

3

5,00,001 to 10,00,000

20%

 

4

Above 10,00,000

30%

 

For standard category, below calculation is applicable-:
Taxable Income in 10% slab maximum tax: Rs 28000 (considering Rs 2000 tax credit)

Taxable Income in 20% slab maximum tax: Rs 30000 + Rs 1, 00,000 total Rs 1, 30,000 (no tax credit for income above Rs 5, 00,000)

Taxable Income in 30% slab minimum tax: Rs 1, 30,000

NOTE: Education/Other cess will be in addition to this.

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