Rates of Income Tax for various taxpayers

Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person
  

(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial
juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:—

                                    Upto Rs.2,50,000                                  Nil.

                                    Rs. 2,50,001 to Rs. 5,00,000             10 per cent.
                                    Rs. 5,00,001 to Rs. 10,00,000           20 per cent.
                                    Above Rs. 10,00,000                        30 per cent.

(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
                                    Upto Rs.3,00,000                                  Nil.
                                    Rs. 3,00,001 to Rs. 5,00,000             10 per cent.
                                    Rs. 5,00,001 to Rs.10,00,000            20 per cent.
                                    Above Rs. 10,00,000                        30 per cent.
 
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,—

                                     Upto Rs. 5,00,000                                  Nil.
                                     Rs. 5,00,001 to Rs. 10,00,000            20 per cent.
                                     Above Rs. 10,00,000                         30 per cent.
 
The amount of income-tax computed in accordance with the preceding  provisions of this Paragraph shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a person having a total income exceeding one crore rupees. 

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

B. Co-operative Societies
In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2013-14.
The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a cooperative society having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

C. Firms
In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for financial year 2013-2014.
The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a firm having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
 
D. Local authorities
The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the financial year 2013-2014.
The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a local authority having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

E. Companies
The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill.
These rates are the same as those specified for the financial year 2013-2014.
The existing surcharge of five per cent in case of a domestic company shall continue to be levied if the total income of the domestic company exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of ten percent shall continue to be levied if the total income of the domestic company exceeds ten crore rupees. In case of companies other than domestic companies, the existing surcharge of two per cent. shall continue to be levied if the total income exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of five percent shall continue to be levied if the total income of the company other than domestic company exceeds ten crore rupees.
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as income-tax on a total income of one crore rupees, by more than the amount of income that exceeds one crore  rupees. The total amount payable as income-tax and surcharge on total income exceeding ten crore rupees, shall not exceed the total amount payable as  income-tax and surcharge on a total income of ten crore rupees, by more than the amount of income that exceeds ten crore rupees.

In other cases (including sections 115-O, 115QA, 115R or 115TA) the surcharge shall continue to be levied at the rate of ten percent.

For financial year 2014-2015, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.

Income Tax Rates in India for FY 2013-14 i.e. Assessment Year (AY) 2014-15 and TAX CALCULATOR

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)

TAX CALCULATOR: http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx