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Applicable Income Tax slab rates for the financial year 2013 and 14


The Union Finance Minister Mr. P Chidambaram has not made any changes in the Income Tax Slab rates in the Union Budget 2013 -14. He has produced the slab rates unchanged and made some relief to the tax payers who lies between 2-5 lakh slab rates. An amount of Rs. 2,000 will be given as Rebate u/s 87A of Income Tax Act, 1961.

  1. Individuals and HUFs
  2. Senior Citizens
  3. Very Senior Citizens

Individual (Below 60 Years) and HUF

SI.No.

INCOME SLAB (p.a)

INCOME TAX RATE

i.

Amount upto 2,00,000

NIL

ii.

2,00,001 to 5,00,000

10% on Net Taxable Income

iii.

5,00,001 to 10,00,000

10% on Slab ii + 20% on Net Taxable Income

iv.

10,00,001 and above

10% on Slab ii + 20% on Slab iii + 30% on Net Taxable Income


Senior Citizens (Between 60 and 79 Years)

SI.No.

INCOME SLAB (per annum)

INCOME TAX RATE

i.

Amount upto 2,50,000

NIL

ii.

2,50,001 to 5,00,000

10% on Net Taxable Income

iii.

5,00,001 to 10,00,000

10% on Slab ii + 20% on Net Taxable Income

iv.

10,00,001 and above

10% on Slab ii + 20% on Slab iii + 30% on Net Taxable Income


Very Senior Citizens (Between 60 and 79 Years)

SI.No.

INCOME SLAB (per annum)

INCOME TAX RATE

i.

Amount upto 5,00,000

NIL

ii.

5,00,001 to 10,00,000

20% on Net Taxable Income

iii.

10,00,001 and above

20% on Slab ii + 30% on Net Taxable Income

For Illustration about the Tax Calculation visit 2012-13 Tax Slab rate.

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