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Income Tax Slab rate For FY-2013-14 & AY 2014-15

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Income Tax slab rate for FY-2013-14 is announced by the Finance Minister in the Union Budget of 2014. The following are the revised tax rates for Individuals and business.

 Resident Senior Citizens above 60 years 
S. No. Income Tax Rate
1 Up to Rs 2,50,000 Nil
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

 

Resident Super  Senior Citizens above 80 years
S. No. Income Tax Rate
1 Up to Rs 5,00,000 Nil
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 30%

 

Resident Women (below 60 years)
1 Up to Rs 2,00,000 Nil
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

 

Others & Men 
1 Up to Rs 2,00,000 Nil
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

 

A rebate of 2000 is available for middle class income tax payers  whose Incomes are less than 5 lakhs.

Partnership Firm & Local Authorites

  1. For Firms and Local Authorities Income is  taxable 30%
  2. Surcharge is Applicable 10% if total Income exceeding 1 Crore.
  3. 3% Education cess is applicable

Companies

For Domestic Company 30 % Tax is applicable

  1. 5% Surcharge is applicable Income Between 1 crore and 10 crore.
  2. 10% Surcharge is applicable is Income Exceeds 10 crores.
  3. 3% Education cess is applicable on Income tax and surcharge.

Foreign Company

  • 40% of Tax is applicable to foreign company
  • 2% Surcharge is applicable to Income from 1 crore to 10 crore.
  • 5% Surcharge is applicable to Income above 10 crore.
  • 3% Education cess is applicable.

Co-operative Societies

Net Income Range Income Tax Rates Surcharge Education Cess
Upto Rs.10,000/- 10% Nil 3% of Income Tax
Rs.10,001/- to
Rs.20,000/-
20% Nil 3% of Income Tax
Rs.20,000/- to
Rs.1,00,00,000/
30% Nil 3% of Income Tax
Above Rs.1,00,00,000/- 30% 10% of the Income Tax 3% of Income Tax & surcharge

 

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