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 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%
DEDUCTIONS
-
In addition to the sum of Rs.1 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.
