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:
- Tax @ 50% on some specific transaction (Royalty and Technical fees) with the government of India.
- @ 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.
