Click Here...

 
Share |
Income Tax Rates / Tax Slabs (AY-2013-2014)

The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

New Income tax slab for AY 13-14

New Income Tax Slabs for AY 13-14 for Resident Senior Citizens above 60 years till 80 years (FY 2012-13)

S. No.

Income Range

Tax percentage

1

Up to ` 2,50,000

No tax / exempt

2

2,50,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

New Income Tax Slabs for AY 13-14 for Resident Senior Citizens above 80 years (FY 2012-13)

S. No.

Income Range

Tax percentage

1

Up to ` 5,00,000

No tax / exempt

2

5,00,001 to 10,00,000

20%

3

Above 10,00,000

30%

New Income Tax Slabs for AY 13-14 Others & Men & Women (FY 2012-13)

1

Up to ` 2,00,000

No tax / exempt

2

2,00,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be `  30000
  • Taxable Income in 20% slab maximum tax will be `  30000 + ` 1,00,000 total `1,30,000
  • Taxable Income in 30% slab minimum tax will be ` 1,30,000

Education and other cess will be in addition to this

COMPANIES :

 

Company

Rate of income tax (per cent)

In the case of Domestic Company

30 %

In the case of Foreign Company

Ø Royalty received from Government or an Indian concern

  • in pursuance of an agreement made by it with the Indian concern  after March 31, 1961, but before April 1,1976,
  • in pursuance of  an agreement made on or after 1st April, 1976 but on or  before 31st May, 1997
  •  in pursuance of an agreement made on or after 1st June, 1997 but on or before 31st May, 2005

 

50 %

 

 

30 %

 

10 %

Ø Other Income

40 %

 

Surcharges & Education Cess : – Surcharges is applicable at the rates given below :-

 

A- DOMESTIC COMPANIES :

  • Surcharge @ 5% will be applicable for those domestic companies whose taxable income is more than Rs. 1 Crore.

  • Education Cess @ 3% will be applicable on income tax. Education cess will be livable on the amount of income tax and surcharge.

B – FOREIGH COMPANIES

  • Surcharge will be applicable @ 2% if income is more than Rs.1 Crore.
  • Education cess will be levied at 3 % on income-tax and surcharge.

PARTNESHIP FIRM

 

Partnership Firm are taxed at a flat rate irrespective of income for the A.Y.2013-14 or F.Y.2012-13 as follows

  • Tax rates on partnership firm is 30%

  • Any long term capital gains shall be taxable @ 20%

  • Short term capital gains shall be taxable @ 15%

  • Education cess @2% and secondary & higher education cess @1% will be applicable.

  • However surcharges has eliminated from A.Y.2012-11.                                  

 

THE RATES OF SECURITY TRANSACTION TAX (STT) ARE AS FOLLOWS:

 

 

Transaction

Rate

(% of transaction value)

 

Payable by

Delivery based purchase / sale of equity Shares/Units of Equity oriented fund.

0.1%

Buyer & Seller

Non-delivery based sale of equity shares/Units of equity oriented fund.

0.025%

Seller

Sale of Derivatives

0.017%

Seller

Sale of option in securities

0.017%

Seller

Sale of option in securities, where option exercised

0.1%

Buyer

Sale of futures in securities

0.017%

Seller

Sale of Units of equity oriented fund to Mutual Fund

0.25%

Seller

 

B. Association of Persons (AOP) and Body of Individuals (BOI)

i. Income-tax:

 

Income Level / Slabs

Income Tax Rate

i.

Where the total income does not exceed Rs.2,00,000/-.

NIL

ii.

Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-.

10% of amount by which the total income exceeds Rs. 2,00,000/-

iii.

Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.

Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.

iv.

Where the total income exceeds Rs.10,00,000/-.

Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

ii. Education Cess: 3% of the Income-tax.
 

C. Co-operative Society

i. Income-tax:

 

Income Level / Slabs

Income Tax Rate

i.

Where the total income does not exceed
Rs. 10,000/-.

10% of the income.

ii.

Where the total income exceeds Rs.10,000/- but does not exceed Rs.20,000/-.

Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

iii.

Where the total income exceeds Rs.20,000/-

Rs. 3.000/- + 30% of the amount by which total income exceeds Rs.20,000/-.

ii. Surcharge: Nil

iii. Education Cess: 3% of the Income-tax.
 

H. WEALTH TAX RATES

i. Upto Rs. 30,00,000 .........................................NIL

ii. Above Rs.30,00,000 .............@ 1% of the amount by which the net amount exceeds Rs.30 Lakh.

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

 
 
 
HTML Comment Box is loading comments...
 
  • Tax @ Glance ..
  • Taxation System
  • Tips On Tax
  • Tax Saving Schemes
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
> 26. 10 Investments under the Taxman's scanner
 
COMPUTATION OF TOTAL INCOME :
  • Salaries
  • House Property
  • Business or Professions
  • Capital Gain
  • Other Sources
  • Clubing of Income
  • Set-Off of Losses
  • Deductions
 
  • Taxation in Companies
  • Tax Management & Procedure
  • Tax Management-Managerial & Financial Decisions
 
 
 
 
 
 
 
 
 
TUTORIALS LIBRARY  
 
 
 
KNOWLEDGE BASE !
How to Save Tax on Income from House Property
How to Save Tax on Income from Other Sources
How to Save Tax on Capital Gains
Tax Planning through Hindu Undivided Family-HUF
Deductions from Your Income
Incomes Completely Exempt From Income Tax

How HUF Status in Income Tax Save You a Lot of Money

“A Married Woman” could Own Property in Her Own Name : from the Tax Planning Angle

Tax Planning under One Roof

The Husband can Give a Loan to his wife, Not a Gift
Daughter-in-Law should have a separate Income Tax File
Your Own Adult children Could Save you Tax – How ?
Creating a New HUF (Hindu Undivided Family) Can Save You Tax – How ?
 
 
 
  • VAT
  • CST
  • TDS
  • TCS
  • FBT
  • PAN
 
 
 
 
 
 
 
 
 
ALL INDIA FEDERATION OF TAX PRACTITIONERS
(National Tax Conference 2012
at Bhubaneswar, Odisha)

ARTICLES...
 
Guide & FAQ on Tax Tips on Income Tax Income Tax @ Glance Knowledge Base @ Taxation in India

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

 
Contact Us :

SWAYAM EDUCATION
Mandal Bagicha, Hemkapada,
Sunhat, Balasore-756002 ( Odisha)
Mob: 9437264738
eMail ID : incometaxmanagement@gmail.com

www.IncomeTaxManagement.Com