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INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014

Today we are discussing on INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2013-2014  of all form of business, reason behind discussion is that because the last date of filling belated return for F.Y. 2012-13 & A.Y. 2013-14 is 31st March, 2015.

Income tax slab rate for Assessment year 2013-14  of all the assessee are as Follow –

(I)Resident Individual having age is below the 60 years at any time during the financial year/ Hindu Undivided Family/Association of person/Body of Individual/Non-resident Individual/Artificial Judicial Person:

Income Tax –

Total Income Slabs Tax Rates
Total Income is Rs. 2,00,000 or less No tax
Total Income Exceeds Rs. 2,00,000 but less than Rs. 5,00,000 10% of the amount by which total income exceeds Rs. 2,00,000/-
Total Income Exceeds Rs. 5,00,000 but less than Rs. 10,00,000 20% of the amount by which total income exceeds Rs. 5,00,000 + Rs. 30,000
Total Income Exceeds Rs. 10,00,000 30% of the amount by which total income exceeds Rs. 5,00,000 + Rs. 1,30,000

The rebate u/s. 87A is applicable from F.Y. 2013-14 for resident Individual. Therefore the Rebate u/s. 87A is not available.

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

(II)Individual Resident having age is 60 years or more but less than 80 years at any time during the Financial Year Concerned:

Income Tax

Total Income Slabs Tax Rates
Total Income is Rs. 2,50,000 or less No tax
Total Income Exceeds Rs. 2,50,000 but less than Rs. 5,00,000 10% of the amount by which total income exceeds Rs. 2,50,000/-
Total Income Exceeds Rs. 5,00,000 but less than Rs. 10,00,000 20% of the amount by which total income exceeds Rs. 5,00,000 + Rs. 25,000
Total Income Exceeds Rs. 10,00,000 30% of the amount by which total income exceeds Rs. 5,00,000 + Rs. 1,25,000

The rebate u/s. 87A is applicable from F.Y. 2013-14 for resident Individual. Therefore the Rebate u/s. 87A is not available.

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

 (III) Individual Resident having age is 80 years or more at any time during the Financial Year Concerned:

Income Tax

Total Income Slabs Tax Rates
Total Income is Rs. 5,00,000 or less No tax
Total Income Exceeds Rs. 5,00,000 but less than Rs. 10,00,000 20% of the amount by which total income exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000 30% of the amount by which total igncome exceeds Rs. 5,00,000 + Rs. 1,00,000

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

(IV) Income Tax slab rate of Partnership Firm and Limited Liability Partnership:

Income Tax

In partnership firm (registered or unregistered) and Limited Liability partnership (LLP) there is no basic exemption limit in Income Tax. Income tax is levied @ 30% on total income. (Excluding Short term Capital Gain & Long term capital gain which are taxable at different rate)

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

(V) Income Tax Slab rate for Co-operative Society:

Income Tax

Total Income Slabs Tax Rates
Total Income is Rs. 10,000 or less 10% of Total Income
Total Income Exceeds Rs. 10,000 but less than Rs. 20,000 20% of the amount by which total income exceeds Rs. 10,000 + Rs. 1000
Total Income Exceeds Rs. 20,000 30% of the amount by which total income exceeds Rs. 20,000 + Rs. 3,000

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

 (VI)  Income Tax slab rate for  Local Authority:

Income Tax

In Local Authority there is no basic exemption limit in Income Tax. Income tax is levied @ 30% on total income.

Surcharge: No surcharge is payable.

Education Cess & SHEC is payable @ 3% on the total of Income Tax.

(VII) Income Tax slab rate for Domestic Company

Income Tax

In Domestic Company (private limited or public limited) there is no basic exemption limit in Income Tax. Income tax is levied @ 30% on total income.

Surcharge:

Surcharge is payable @5% on income tax after deducting tax rebate, if total taxable income excess Rupees 1 Crores. (Marginal Relief is available)

Education Cess & SHEC is payable @ 3% on the total of Income Tax and Surcharge.

 

(VIII) Income Tax slab rate for Company other than a Domestic Company

Income Tax:

  1. Tax @ 50% on some specific transaction (Royalty and Technical fees) with the government of India.
  2. @ 40% of the balance

Surcharge:

Surcharge is payable @2% on income tax after deducting tax rebate, if total taxable income exceeds Rupees 1 Crores. (Marginal Relief is available)

Education Cess & SHEC is payable @ 3% on the total of Income Tax and Surcharge.

About TAX BANIYA

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