Income Tax slabs for Financial Year 2013-14

Taxes

oi-Sneha

By Sneha B K

Updated: Friday, March 1, 2013, 12:41 [IST]

Union Budget 2013-14 presented by P Chidambaram today kept Income Tax rates unchanged in view of rising fiscal deficit.

Here is the ready reckoner of tax slabs for the Financial Year 2013-14 which will help you while filing your taxes.

Financial Year (FY) - Duration of one year between 1st April to 31st March of the following year, in which all financial information are reported.

Assessment Year (AY) - The income of a particular financial year is assessed in the following financial year, which is known as the assessment year.

Assessment Year 2014-15 relevant to Financial Year 2013-14

Income tax for General tax payers and Women

0 to 2,00,000- No tax
2,00,001 to 5,00,000 - 10% (rebate of Rs 2000 now permitted)
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30% (surcharge of 10%, if income is above Rs 1 crore)

Income tax slabs for Senior citizens (Aged 60 years but less than 80 years)

0 to 2,50,000 - No tax
2,50,001 to 5,00,000 - 10%
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%

Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above)

0 to 5,00,000 - No tax
5,00,001 to 10,00,000 - 20%
Above 10,00,000 - 30%

In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs. There is a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status.

How to compute your tax using an IT calculator?

Note: Tax rates are excluding Surcharge, Education Cess and Secondary and Higher Education Cess.

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