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» » New Income Tax Slab for Financial Year 2013-14 Assessment year 2014-15

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
New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 60 years
(FY 2013-2014)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for A.Y. 2014-2015 for Resident Senior Citizens above 80 years
(FY 2013-2014)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 10,00,00020%
3Above 10,00,00030%
New Income Tax Slabs for AY 14-15 for Resident Women (below 60 years) (FY 2013-14)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for A.Y. 2014-2015 for Others & Men (FY 2013-2014)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010% - Rs.2000 (Credit)
35,00,001 to 10,00,00020%
4Above 10,00,00030%
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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