Income Tax Slab Rates for Asst. Year 2013-14

Income Tax Slab Rates For Financial Year 2012-2013 i.e., Asst. Year 2013-2014

I. In case of Men Less than 60 yrs. and HUF:

Income Level
Tax Amount (At Normal Rate)
i.
If the total taxable income does not exceed Rs.2,00,000/-.
(or)
Total Income <= 2,00,000
NIL
(or)
Gross Tax Liability = Nil or “0”
ii.
If the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.
(or)
2,00,000 < Total Income <= 5,00,000
10% of amount by which the total taxable income exceeds Rs. 2,00,000/-
(or)
Gross Tax Liability = (Total Income-2,00,000)*0.1
iii.
If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.
(or)
If 5,00,000
Rs. 30,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.
(or)
Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]
iv.
If the total taxable income exceeds Rs.10,00,000/-.
(or)
Total Income>10,00,000
Rs. 1,30,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.
(or)
Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*0.3]

II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-

Income Level
Tax Amount (At Normal Rate)
i.
If the total taxable income does not exceed Rs.2,00,000/-.
(or)
Total Income <= 2,00,000
NIL
(or)
Gross Tax Liability = Nil or “0”
ii.
If the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.
(or)
2,00,000 < Total Income <= 5,00,000
10% of amount by which the total taxable income exceeds Rs. 2,00,000/-
(or)
Gross Tax Liability = (Total Income-2,00,000)*0.1
iii.
If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.
(or)
If 5,00,000
Rs. 30,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.
(or)
Gross Tax Liability = 30,000+[(Total Income-5,00,000)*0.2]
iv.
If the total taxable income exceeds Rs.10,00,000/-.
(or)
Total Income>10,00,000
Rs. 1,30,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.
(or)
Gross Tax Liability =1,30 ,000 + [ (Total Income-10,00,000)*0.3]

III. In case of an Individual Resident who is of the age of 60 or more but less than 80 yrs at any time during the previous year:-

Income Level
Income Tax Rate
i.
Where the total taxable income does not exceed Rs.2,50,000/-.
(or)
Total Income <= 2,50,000
NIL
(or)
Gross Tax Liability = Nil or “0”
ii.
If the total taxable income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
(or)
2,50,000 < Total Income <= 5,00,000
10% of the amount by which the total taxable income exceeds Rs.2,50,000/-.
(or)
Gross Tax Liability = (Total Income-2,50,000)*0.1
iii.
If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
(or)
5,00,000
Rs.25,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-.
(or)
Gross Tax Liability = 25,000+[(Total Income-5,00,000)*0.2]
iv.
If the total taxable income exceeds Rs.10,00,000/-
(or)
Total Income>10,00,000
Rs.1,25,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.
(or)
Gross Tax Liability = 1,25,000 + [ (Total Income-10,00,000)*0.3]

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 taxable income does not exceed Rs.500,000/-.
(or)
Total Income <= 5,00,000
NIL
(or)
Gross Tax Liability = Nil or “0”
iii.
If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
(or)
If 5,00,000
20% of the amount by which the total taxable income exceeds Rs.10,00,000/-.
(or)
Gross Tax Liability = (Total Income-5,00,000)*0.2
iv.
If the total taxable income exceeds Rs.10,00,000/-
(or)
Total Income>10,00,000
1,00,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-.
(or)
Gross Tax Liability =1,00,000 + [ (Total Income-8,00,000)*0.3]

Net Tax Liability = (Gross Tax Liability) x 103% (i.e., 1% and 2% of Education and Secondary and Higher Education Cess resp.)

Surcharge: No Surcharge on Income Tax for the above cases

Education Cess:2% of the Income-tax calculated above

Secondary and Higher Education Cess:1% of the Income Tax calculated above

THE SUM OF THE ABOVE TAX CALUCULATED AT NORMAL RATE, EDUCATION CESS AND SECONDARY AND HIGHER EDUCATION CESS IS THE TAX LIABILITY

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