Income Tax Slab Rate for Assessment Year (AY) 2013-2014
Categories
Slab Rate will be for different categories as follows :
1) Individuals / HUF / AOP / BOI / Artificial Judicial Person
2) Firm / LLP / Local Authority
3) Co-operative Society
4) Company
Individuals / HUF / AOP / BOI / Artificial Judicial Person
For Individuals the slab rates will be different for
1) Residents below 60 years of age,
2) Residents whose age is 60 or more but below 80 years of age,
3) Residents above 80 years of age.
Let us see one by one in detail.
Individuals / HUF / AOP / BOI / Artificial Judicial Person
Income Slab
| Income Tax Rate
|
|---|---|
Where the total income does not exceed Rs. 2,00,000/-
| NIL
|
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/-
|
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/-.
|
Where the total income exceeds Rs. 10,00,000/-.
| Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
|
Note : HUF means Hindu Undivided Family
AOP means Association Of Persons
BOI means Body Of Individual
Illustration :
Let us see the illustration for computing tax liability in case of an individual. The tax liability can be calculated in two ways.
´Mr. X, who is 40 years of age, has a total income of Rs. 12,00,000.
His tax liability can be calculated in two ways
1)Rs. 1,30,000 + 30% on 2,00,000 which will be Rs. 1,90,000
Alternate Way :
2)First 2,00,000 Nil
Next 3,00,000 at 10% Rs. 30,000
Next 5,00,000 at 20% Rs. 1,00,000
Next 2,00,000 at 30% Rs. 60,000
Total tax liability Rs. 1,90,000
Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year
Income Slab
| Income Tax Rate
|
|---|---|
Where the total income does not exceed Rs. 2,50,000/-.
| NIL
|
Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-
| 10% of the amount by which the total income exceeds Rs. 2,50,000/-.
|
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
| Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
|
Where the total income exceeds Rs. 10,00,000/-
| Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
|
Individual resident who is of the age of 80 years or more at any time during the previous year
Income Slab
| Income Tax Rate
|
|---|---|
Where the total income does not exceed Rs. 5,00,000/-.
| NIL
|
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
| 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
|
Where the total income exceeds Rs. 10,00,000/-
| Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
|
Tax Rate for Firm / LLP / Local Authority
For Firm / LLP / Local Authority tax rate is 30% on whole total income.
Note : LLP means Limited Liability Partnership.
Tax Rate for Co-operative Society
Income Slab
| Income Tax Rate
|
|---|---|
Where the total income does not exceed Rs. 10,000/-.
| 10% of Income
|
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/-.
|
Where the total income exceeds Rs. 20,000/-
| Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.
|
Tax Rate for Company
Tax rate for Company is categorized into two types.
1) Domestic Company
2) Company other than Domestic Company
Tax rate for domestic company :
Tax rate for domestic company is 30% on total income.
Tax rate for company other than domestic company :
Tax rate for company other than domestic company is 40% on total income.
However 50% on total income as consist of
(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or
(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
These are the slab rates applicable for the Assessment Year 2013-2014. Hope this hub will be a useful one to you. If you have any doubts regarding slab rates, just drop a comment.
And take a small quiz on Tax slab rate.
