No Change in Income Tax Rates or Slabs for F.Y. 2013-14 in Budget
Income tax rates and slabs for the Financial Year 2013-14, Assessment Year 2014-15
There is a bad news for all the people who were looking for some increment in current slab rates or relaxation in income tax rates. Income tax rates and slabs for the Financial Year 2013-14, Assessment Year 2014-15 remains same as of Financial Year 2012-13 with a few amendments:
- Only a rebate of Rs. 2000/- has been allowed for the persons falling in the tax bracket of Rs. 2 lakhs to Rs. 5 Lakhs. No rebate or changes if your income is above Rs. 5 lakhs and below Rs. 1 crore.
- There is an Imposition of New Tax called “Super Rich Tax”, at the rate of 10% on the person whose Income exceeds Rs. 1 Crore in a year.
Read Full Highlights of Changes made in Union Budget 2013: