Income tax slab for fy 2013-14

The Income Tax Slab for fy 2013-14 / ay 2014-15 are no different from Income tax slab for fy 12-13.

As per the union budget present by finance minister P Chidambaram  on 28th Feb 2013  there is no change in income rates and slabs

In income Tax Slab for ay 14-15 / fy 13-14, basic tax exemption limits are the same. The only benefit this financial year is there is a tax credit of Rs 2000 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year

There is no change in 10%, 20% and 30% slab rates they remain the same. The 10% slab is from RS 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to RS 10,00,000 and  30% tax slab  starts from Rs 10,00,001

There is no change in tax structure for women and senior citizens

In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.

The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15  are mentioned below:

New Income tax slab for fy 2013-14 / ay 2013-14

New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2013-14)
S. No. Income Range Tax percentage
1 Up to Rs 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 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)
S. No. Income Range Tax percentage
1 Up to Rs 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 14-15 for Resident Women (below 60 years) (FY 2013-14)
1 Up to Rs 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%
New Income Tax Slabs for ay 14-15 for Others & Men (FY 2013-14)
1 Up to Rs 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%

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be Rs  28000 ( taking 2000 tax credit into consideration)
  • Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
  • Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000

Education and other cess will be in addition to this

Older Income tax rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

Income tax slab for fy 2012-13 / ay 2013-14

Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13)
S. No. Income Range Tax percentage
1 Up to Rs 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%
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 Rs 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 for Resident Women (below 60 years) (FY 2012-13)
1 Up to Rs 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%
New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13)
1 Up to Rs 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%

For normal category the simple calculation is as follows

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

Education and other cess will be in addition to this

4 comments to Income tax slab for fy 2013-14

  • MD SAHARIAR KHAN

    At the time of purchase any land the registration charges under what section an individual can claim for deduction or rebate?

  • Samir

    What about the 10% surcharge for income above 1 crore for individuals.. is that not applicable in FY 2013-14?

  • Financial Advisor

    Net taxable income Rs 324600
    less Housing loan interest Rs 62000
    this comes out to Rs 262600
    less Savings under section 80 ( Rs 1 lakh limit) 32000 ( principle amoubt) + Rs 22000= Rs 54000
    this comes out to Rs 208600. Pay tax on this amount (Rs 860 only)

  • Remya

    Sir,
    I think Infrastructure Bond is removed from Exemption w e f 1.04.2012 and the status remains same for this current year also

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