Income Tax Slab Rates For F.Y 2013-14,A.Y 2014-15
Income Tax Slab Rates For F.Y 2013-14,A.Y 2014-15
Individual Tax Rates
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For Any Resident/Non
Resident Individual,HUF,AOP,BOI,AJP
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Net Income Range
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Income Tax Rates
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Surcharge
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Edu. cess
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Secndry &H.edu cess
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up to 2,00,000
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Nil
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Nil
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Nil
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Nil
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2,00,000-5,00,000
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10%(T.I- 2,00,000)
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Nil
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2% of I.T
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1% of I.T
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5,00,000-10,00,000
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30,000+20%(T.I- 5,00,000)
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Nil
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2% of I.T
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1% of I.T
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10,00,000-1,00,00,000
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1,30,000+30%(T.I-10 lak)
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Nil
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2% of I.T
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1% of I.T
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Above 1 Crore
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28,30,000+30%(T.I-1 Cr)
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10% of I.T
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2% of I.T&Sur.chrg
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1% of I.T & Sur.chrg
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For Resident Senior
Citizen
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Net Income Range
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Income Tax Rates
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Surcharge
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Edu. cess
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Secndry &H.edu cess
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up to 2,50,000
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Nil
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Nil
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Nil
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Nil
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2,50,000-5,00,000
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10%(T.I- 2,50,000)
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Nil
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2% of I.T
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1% of I.T
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5,00,000-10,00,000
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25,000+20%(T.I- 5,00,000)
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Nil
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2% of I.T
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1% of I.T
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10,00,000-1,00,00,000
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1,25,000+30%(T.I-10 lak)
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Nil
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2% of I.T
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1% of I.T
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Above 1 Crore
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28,25,000+30%(T.I-1 Cr)
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10% of I.T
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2% of I.T&Sur.chrg
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1% of I.T & Sur.chrg
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Who is 60 yrs or more at
any time during P.Y but lesss than 80 years
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less than 80 years is
cover under Senior citizen
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For a Resident Super
Senior Citizen
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Net Income Range
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Income Tax Rates
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Surcharge
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Edu. cess
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Secndry &H.edu cess
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up to 5,00,000
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Nil
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Nil
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Nil
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Nil
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5,00,000-10,00,000
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20%(T.I- 5,00,000)
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Nil
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2% of I.T
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1% of I.T
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10,00,000-1,00,00,000
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1,00,000+30%(T.I-10 lak)
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Nil
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2% of I.T
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1% of I.T
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Above 1 Crore
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28,00,000+30%(T.I-1 Cr)
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10% of I.T
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2% of I.T&Sur.chrg
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1% of I.T & Sur.chrg
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Who attains 80 years or
more at any time during the P.Y cover under Super senior Citizen
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Firms & Local Authorities
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·
Firms & Local Authorities taxable at the rate of 30% of total
income earned.
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·
Surcharge is 10% of income tax, if income exceeds 1 cr, it is subject
to Marginal Relief (Incase net income exceeds 1 cr the amount payable as income
tax and surcharge shall not exceed the total amount payable as income tax on
total income of 1 cr by more than the amount of income that exceeds Rs.1 cr)
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·
Education cess is 2% of income tax & surcharge
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·
SHEC is 1% income tax & surcharge
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Company
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The Tax rates applied for companys based on weather company is
Domestic or Foreign
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Domestic Company
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30% of Total Income Earned (Flat)
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Foreign Company
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·
Royalty received from Govt of an Indian concern
in pursuance of an agreement made by it with Indian concern after 31/03/1961
but before 01/04/1976
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50% of Royalty Received
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·
Fee for rendering Technical services in
pursuance of an agreement made by it after 29/02/1964 but before 01/04/1976
and where such agreement has, in either case, been approved by the C.G
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50% of Fee Received
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·
Other income (Otherthan Royalty & Rechnical
Fee)
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40% of Total Income Earned (Flat)
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* Marginal Relief: Incase of company having a net income exceeds 1 Cr the amount
payable as income tax and surcharge shall not exceeds total amount payable as
income tax on total income of Rs 1Cr by more than the amount of income
that exceeds Rs.1 Cr
**Marginal Relief:In case company having a net income of
Exceeding 10 Cr,the amount payable as Income tax and surcharge shall not exceed
the total amount payable as income tax
and surcharge on total income of Rs.10 Cr by more than the amount of income
that exceeds 10 Cr.
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