Income tax Structure 2013-14 (Assessment Year 2014-15) – Budget highlights
Few Cosmetic Changes:
- No revision in Income tax slabs and Rates
- Surcharge of 10% on income more than Rs. 1 crore
- Tax Rebate of Rs.2000 for annual income of Rs. 5 lakh
- Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs
- Rajiv Gandhi Equity Savings Scheme extended to mutual funds
- Rajiv Gandhi Equity Savings Scheme to be liberalized.
- Rajiv Gandhi Equity Savings Scheme limit increased.
As it is announced by FM that no revision in Income tax structure for the year 2013-14 (Assessment year 2014-15), the income tax structure for the year 2012-13 to continue which given as follows
In case of individual (other than II and III below) and HUF
| Income Level | Income Tax Rate | |
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total income exceeds Rs. 2,00,000/-*** |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.10,00,000/-. | Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
*** Tax credit of Rs.2000 for annual income upto Rs. 5 lakh
II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
| i. | Where the total income does not exceed Rs.2,00,000/-. | NIL |
| ii. | Where total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. | 10% of the amount by which the total income exceeds Rs.2,00,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.*** |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
***Tax credit of Rs.2000 for annual income upto Rs. 5 lakh
III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total income exceeds Rs.2,50,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.*** |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,25,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
***Tax credit of Rs.2000 for annual income upto Rs. 5 lakh
IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | Nil |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- | 20% of the amount by which the total income exceeds Rs.5,00,000/-.*** |
| iv. | Where the total income exceeds Rs.10,00,000/- | Rs.1,00,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-. |
***Tax credit of Rs.2000 for annual income upto Rs. 5 lakh
- Education Cess: 3% of the Income-tax.
- New Rs 50,000 tax exemption for retail equity investments
- Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
- Implementation of Direct Tax Code (DTC) deferred.
- GST to be operational by August 2014.
- Surcharge of 10% on income more than Rs. 1 crore
- Tax credit of Rs.2000 for annual income upto Rs. 5 lakh
- Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs u/s 80EE
- Rajiv Gandhi Equity Savings Scheme extended to mutual funds Rajiv Gandhi Equity Savings Scheme to be liberalized.
- Rajiv Gandhi Equity Savings Scheme limit increased.
