Income Tax is applicable on the Net Income earned during the year by different sources e.g. Salary Income, Income from Business & Profession, Capital Gain and Income from Other Sources.
INCOME TAX RATE FOR A.Y.2013-2014
For individual, every HUF/AOP/BOI/artificial juridical person:-
|
Net Income Range |
|
Surcharge |
Education Cess |
| Up to Rs. 2,00,000 |
NIL |
NIL |
NIL |
| Rs. 2,00,001 – 5,00,000 |
10% |
NIL |
3% |
| Rs. 5,00,001 – 10,00,000 |
20% |
NIL |
3% |
| Above Rs.10,00,000 |
30% |
NIL |
3% |
For resident Senior citizen (who is 60 years or more at any time during the previous year):-
|
Net Income Range |
|
Surcharge |
Education Cess |
| Up to Rs. 2,50,000 |
NIL |
NIL |
NIL |
| Rs. 2,50,001 – 5,00,000 |
10% |
NIL |
3% |
| Rs. 5,00,001– 10,00,000 |
20% |
NIL |
3% |
| Above Rs.10, 00,000 |
30% |
NIL |
3% |
For resident Sper Senior citizen (who is 60 years or more at any time during the previous year):-
|
Net Income Range |
|
Surcharge |
Education Cess |
| Up to Rs. 5,00,000 |
NIL |
NIL |
NIL |
| Rs. 5,00,001– 10,00,000 |
20% |
NIL |
3% |
| Above Rs.10, 00,000 |
30% |
NIL |
3% |
DEDUCTIONS
- In addition to the sum of Rs.1.5 Lac, the following six deductions will continue to receive the same tax treatment as prevails.
- Interest paid on housing loan for self-occupied house property.
- Medical insurance premium.
- Specified expenditure on disabled dependant.
- Expenses for medical treatment of specified diseases or ailments for self or dependant or member of HUF.
- Deduction in respect of interest on loan for pursuing higher studies.
- Deduction to a person with disability.
Partnership Firms & Companies
Tax Rate – 30%
Surcharge – NIL
Education Cess – 3% on (Income Tax + Surcharge)
Effective Rate of Tax – 33.66%
Co-operative Society
| Net Income Range | Income Tax Rates |
Surcharge | Education Cess |
| Up to Rs. 10,000 | 10% | NIL | 3% |
| Rs. 10,001– 20,000 | 20% | NIL | 3% |
| Above Rs.20,000 | 30% | NIL | 3%
|