Income Tax Rates: AY 2014-15 (FY 2013-14)

Personal Income Tax Rates

Income Tax Rates given below pertains to past period. Please click here for the latest Income Tax Rates.

Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:

Assessment Year 2014-15, Relevant to Financial Year 2013-14

For Individuals below 60 years age (including Woman Assessees):

Income
Tax Rate
Upto 200,000
Nil
200,000 to 500,000
10% of the amount exceeding 200,000
500,000 to 1,000,000
Rs.30,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.130,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):

Income
Tax Rate
Upto 250,000
Nil
250,000 to 500,000
10% of the amount exceeding 250,000
500,000 to 1,000,000
Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):

Income
Tax Rate
Upto 500,000
Nil
500,000 to 1,000,000
20% of the amount exceeding 500,000
1,000,000 & above
Rs.100,000 + 30% of the amount exceeding 1,000,000

Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

Education Cess: 3% of Income Tax plus Surcharge

6 Comments

  1. hello want to know what are the taxable components my salary breakup consist of components of Basic, DA, HRA, Conveyance, IT Allowance , Food allowance , Medical Allowance and other allowances. Please help me to find on which components my salary is taxable.

  2. i do not understand that Rs.2000 extra rebate (for person whose income doesn’t exceed Rs. 500,000) deducted from the tax payable amount or from the taxable amount. in which amount it will be deducted from pls.clarify.

  3. The tax calculator for 2013-14 is incorrect. A sum of Rs.2000/- may be deducted if the income is below Rs.500000/-.. It is not known whether the amount 2000/- has to be deducted before adding the Cess or after adding the Cess. Kindly furnish correct information.

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