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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
thnks
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.
Capital Gain Bond – One can invest upto 50 lacs. This is per FY or Transaction or Life time? J.SOMASEKAR
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.
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.
thanks to given good information