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Income Tax Slab Rates FY 2013-14

Income Tax Slab Rates, Income Tax Return Slab Rates for AY 2013-14 :

Income Tax is a tax on the total income of every person for previous year or last year. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) etc. The Finance Minister of India presents budget to the Parliament. The budget presented by Finance Minister will be known as Finance Bill. The bill passed by parliament and gets assent of President it become The Finance Act. The levy of Income Tax in India is governed by the Income Act, 1961.

Previous Year and Assessment Year :- Previous year is the financial year in which income has accrued, arises and received. Previous year is that year for which file the income tax return and assessment year is the next year of previous year. Income earned in previous year is chargeable to tax in the assessment year. Income Tax is always filled for previous year.

Income Tax Slab Rates FY 2013-14

Income Tax Slab Rates FY 2013-14

Income Tax Slab Rates for AY 2014 – 15 :-

Income Tax is to be charged at the rates prescribed for the year in Finance Act, 2012. The income tax rates are same for every persons. Income of previous year is assessed during assessment year. Income Tax is levied on the total income of assessee’s. These Income Tax Rates applicable for assessee’s to filling income tax return of assessment year 2013 -14.

1. For Individuals / HUF / AOP / BOI income rates are as follows for FY 2013-14 & AY 2014-15 :

(a) Upto Rs. 2,00,000 – Nil

(b) Rs. 2,00,001 to Rs. 5,00,000 – 10%

(c) Rs. 5,00,001 to Rs. 10,00,000 – 20%

(d) Above Rs. 10,00,000 – 30%

2. For Senior Citizens ( Being resident individuals of the age of 60 years to 80 years ) :

(a) Upto Rs. 2,50,000 – Nil

(b) Rs. 2,50,001 to Rs. 5,00,000 – 10%

(c) Rs, 5,00,001 to Rs. Rs. 10,00,000 – 20%

(d) Above Rs. 10,00,000 – 30%

3. For Resident Individuals of the age of 80 years or more than at any time during the previous year :

(a) Upto Rs. 5,00,000 – Nil

(b) Rs. 5,00,001 to Rs. 10,00,000 – 20%

(c) Above Rs. 10,00,00o – 30%

Education Cess and Secondary and Higher Education Cess :- The amount of income tax is increased by the surcharge. Cess is Leviable in the case of all assessee. The rate of Education Cess is 2% and Secondary and Higher Education Cess is 1%. Secondary and Higher Education Cess is known as SHEC.

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