Income Tax Rates for FY 2013-14 (Assessment Year 2014-15)

Income tax Structure 2013-14 (Assessment Year 2014-15) – Budget highlights

Few Cosmetic Changes:

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 LevelIncome 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 LevelIncome 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 LevelIncome 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 LevelIncome 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/-.
  • 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.

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  • Sekaran

    The Rs 2000 rebate is only for income upto RS 5 lakhs. your markers are wrongly placed in the tables .Pl rectify.

    • thesanyamjain

      Thnx Sekaran for pointing out the error. Just corrected.

  • pankaj

    GST to be operational by Aug 2012???

    • thesanyamjain

      Thnx for pointing out the error. Just corrected.

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