The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15 are mentioned below:
New Income tax slab for F.Y. 2013-14 / A.Y. 2013-14
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| New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 60 years (FY 2013-2014) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% - Rs.2000 (Credit) |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 80 years (FY 2013-2014) | ||
| S. No. | Income Range | Tax percentage |
| 1 | Up to Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 10,00,000 | 20% |
| 3 | Above 10,00,000 | 30% |
| New Income Tax Slabs for AY 14-15 for Resident Women (below 60 years) (FY 2013-14) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% - Rs.2000 (Credit) |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| New Income Tax Slabs for A.Y. 2014-2015 for Others & Men (FY 2013-2014) | ||
| 1 | Up to Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% - Rs.2000 (Credit) |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
For normal category the simple calculation is as follows
- Taxable Income in 10% slab maximum tax will be Rs 28000 ( taking 2000 tax credit into consideration)
- Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
- Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000
Education and other cess will be in addition to this.
But there would be an additional Surcharge of 10% on the amount of Tax Payable on the persons from any category above if his income for the F.Y. 2013-14 / A.Y. 2014-15 is equal to or greater than 1 crore rupees.
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