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. (i..e Rs.2,000/- tax will be reduced from the tax liability. It means if originally the tax was Rs. 30,000/-, then it would be reduced by Rs.2,000/-, the net tax liability being Rs.28,000/-)
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 (Education cess @2% and Secondary and Higher Secondary Education cess @1%)
SLABS FOR BUSINESS
The following Income Tax Slab Rates shall be applicable for the Assessment Year 2014-15 i.e Previous Year 2013-14. Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.1. For Co-operative Society
| Income Tax Slabs | Income Tax Rates |
| Where the Total Income does not exceed Rs. 10,000 | 10% of the Income |
| Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000 | 20% of the Amount by which it exceeds Rs. 10,000 |
| Where the Total Income exceeds Rs. 20,000 | 30% of the Amount by which it exceeds Rs. 20,000 |
2. For Firms, Local Authority and Domestic Company
Income Tax Slabs Rates wont apply in this case and Tax @ 30%
flat shall be computed on the Total Income. Surcharge shall not be
levied on Income of Firms and Local Authorities but shall be levied on
the Total Income Tax of Domestic Companies @ 5% provided that the Total
Income of the Domestic Company exceeds Rs. 1 Crore (i.e. Rs. 10 millions)
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