Income Tax Slab Rates for AY 2014-15 (FY 2013-14)

Chidambaram has not revised either the slabs or the rates of Personal Income Tax in India Budget 2013-14. However, relief for Tax Payers in the first bracket of Rs. 2 lakhs to Rs. 5 lakhs. That is the tax credit of Rs. 2,000 to every person with total income upto Rs. 5 lakhs.

The Income Tax Rates and slabs are as follows for Financial Year 2013-14 (Assessment Year 2014-15)

Resident Senior Citizens above 80 years (Super Senior Citizens)

Taxable Income Slab (Rs.)
Tax %
0 - 5,00,000
0%
5,00,001 - 10,00,000
20%
10,00,000 and above
30%

Resident Senior Citizens above 60 years (Senior Citizens)

Taxable Income Slab (Rs.)
Tax %
0 - 2,50,000
0%
2,50,001 - 5,00,000
10%
5,00,001 - 10,00,000
20%
10,00,000 and above
30%

Resident Women below 60 years (Female Individuals)

Taxable Income Slab (Rs.)
Tax %
0 - 2,00,000
0%
2,00,001 - 5,00,000
10%
5,00,001 - 10,00,000
20%
10,00,000 and above
30%

All Others (Male Individuals, NRIs etc.,)
Taxable Income Slab (Rs.)
Tax %
0 - 2,00,000
0%
2,00,001 - 5,00,000
10%
5,00,001 - 10,00,000
20%
10,00,000 and above
30%
  • Surcharge @ 10% on Income Tax, if Taxable Income exceeds Rs. 1,00,00,000
  • Education Cess @ 2% and Secondary & Higher Education Cess @ 1% on Tax Payable
  • Tax Credit of Rs. 2,000 to every person whose total income is upto Rs. 5,00,000

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