• Feb
  • 28
  • 2013

Income Tax rates for FY 2013-14 / AY 2014-15

A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. 

(i)      The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a case to which any other Paragraph of Part III applies) are as under :—

Upto Rs. 2,00,000                                                                 Nil.

Rs. 2,00,001 to Rs. 5,00,000                                               10 per cent.

Rs. 5,00,001 to Rs. 10,00,000                                             20 per cent.

Above Rs. 10,00,000                                                            30 per cent.

(ii)    In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Upto Rs. 2,50,000                                                                 Nil.

Rs. 2,50,001 to Rs. 5,00,000                                               10 per cent.

Rs. 5,00,001 to Rs.10,00,000                                              20 per cent.

Above Rs. 10,00,000                                                            30 per cent.

(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,—

Upto Rs. 5,00,000                                                                 Nil.

Rs. 5,00,001 to Rs. 10,00,000                                             20 per cent.

Above Rs. 10,00,000                                                            30 per cent.

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a person having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

B.    Co-operative Societies

In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2012-1 3.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a co-operative society having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

C.    Firms

In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for financial year 2012-1 3.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a firm having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

D.    Local authorities

The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the financial year 2012-1 3.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a local authority having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

E.     Companies

The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill. These rates are the same as those specified for the financial year 201 2-1 3.

The existing surcharge of five per cent in case of a domestic company shall continue to be levied if the total income of the domestic company exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of ten percent shall be levied if the total income of the domestic company exceeds ten crore rupees. In case of companies other than domestic companies, the existing surcharge of two per cent. shall continue to be levied if the total income exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of five percent shall be levied if the total income of the company other than domestic company exceeds ten crore rupees.

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as income-tax on a total income of one crore rupees, by more than the amount of income that exceeds one crore rupees. The total amount payable as income-tax and surcharge on total income exceeding ten crore rupees, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees, by more than the amount of income that exceeds ten crore rupees.

In other cases (including sections 115-O, 1 15QA, 1 15R or 1 15TA ) the surcharge shall be levied at the rate of ten percent.

For financial year 2013-14, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent. and one per cent. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.

Tax Rate Chart -

INCOME TAX RATES
INDIVIDUAL/HUF
Nil
Upto Rs. 200000 –Below 60years
Upto  Rs. 250000- Above 60 years
Upto Rs 500000- Above 80 Years
10% + 3% EC
Rs. 200000 to Rs. 500000
20% + 3% EC
Rs. 500000 to Rs. 1000000
30% + 3% EC
Above 1000000
 
FIRMS/COMPANIES
 
Income tax/MAT
Surcharge
Edu Cess
Up to Rs. 1 Crore
30%/18.5%
-
3
> Rs.1 Crore and up to Rs.10 Crore
30%/18.5%
5
3
> Rs.10 Crore
30%/18.5%
10
3

3 Responses to “Income Tax rates for FY 2013-14 / AY 2014-15”

  1. m v varadacharyulu says:

    is there any provision of exemption of submitting returms, if assesse is more than age 60 or 65 yrs

  2. D.Krishnasamy says:

    I think the provision for tax rebate of Rs.2000/- allowed at the slab where 10% tax is to be calculated has bee missed.

  3. CA Narendra says:

    Sir,

    Shri P. Chidambaram Shaheb ki 2000/- ki mehrabani bhul gaye…..?

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