## Income Tax Slab Rates for Asst. Year 2013-14

*in*Income Tax

**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