INCOME TAX SLAB FOR FY 2013-14 OR AY 2014-15 – Budget 2013

▪      No change in the basic exemption limit, slab or rate of tax in respect of individuals and HUF. However, it is proposed to provide a rebate up to Rs. 2,000 to individuals having income up to Rs. 5 lacs. Effectively, there will be no tax liability on income up to Rs. 2,20,000.

▪      Surcharge @ 10% is proposed to be levied on “super rich” category of tax payers i.e. individuals having income of more than Rs 1 crore.

Taxable Income Male (Below 60 Years) Female (Below 60 years)     Senior Citizen     (60-80 years ) Senior Citizen (Above 80 years) Basic Exemption Rs. 2,20,000 Rs. 2,20,000 Rs. 2,50,000 Rs. 5,00,000 Rs. 2,20,001 to Rs. 5,00,000 10% over  Rs. 2,20,000 10% over  Rs. 2,20,000 10 % over  Rs. 2.5 lacs NIL Rs. 5,00,001 to Rs. 10,00,000 Rs. 28000 +  20 % over Rs. 5lacs Rs. 28000 + 20 % over Rs. 5lacs Rs. 25,000 +  20% over Rs. 5 lacs 20 % over Rs. 5 lacs Over Rs. 10,00,000 Rs. 1,28,000 + 30 % over Rs. 10 lacs Rs. 1,28,000 + 30 % over Rs. 10 lacs Rs. 1,25,000 + 30 % over Rs. 10 lacs Rs. 1,00,000 + 30%    over Rs. 10 Lacs.   Education cess @ 2 % and Higher Education cess 1% will be in addition to above.

§  No change in tax rate has been proposed for companies. The tax rate will remain at 30% for domestic companies and 40% in case of other companies. No change in the basic rate of tax under MAT.

§  There is no change in the surcharge on the companies up to income of Rs. 10 crores. In case of income above Rs. 10 crores, the surcharge is proposed to be revised to 10% (existing 5%) in case of domestic companies and 5% (existing 2%) in case of other companies.

§  In case of dividend distribution tax, the surcharge is proposed @ 10%.

§  Tax rate in case of non resident tax payers in respect of income by way of royalty or fees for technical services under an agreement entered after 31.03.1976 is proposed to be increased to 25% w.e.f. A Y 2014-15.

§  15% tax rate on dividends received from foreign companies, where the shareholding is 26% or more, is proposed to be extended for one more year.

§  With effect from 1^st June 2013, tax is proposed to be deducted at source @ 1% by the buyer of immovable property (other than agricultural land) if the consideration payable to resident seller exceeds Rs 50 lacs

INCOME TAX SLAB FOR FY 2012-13 OR AY 2013-14

 

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INCOME TAX SLAB FOR FY 2012-13 OR AY 2013-14

Finance Bill 2012 was introduced in Lok Sabha and presented by our finance minister Sri Pranab Mukherjee on 16^th March 2012. The new tax slab rate was proposed but changes are not of much significant.

In this issue we shall be simply try to focus on the new tax slab as proposed by the finance bill 2012 for the AY 2013-14. Basic exemption limit are revised and tax slab for men and senior citizen          has been broadened. The threshold income tax exemption        limit in AY 2013-14  for men has been revised to Rs 2.00 lacs from previous year i.e. AY 2012-13 limit of Rs. 1.80 lacs. This means that there will be no tax if total income of individual is up to Rs. 2.00 lacs.

Note: Concept of Total Income will be covered in latter post.        

In AY 2012-13, 20% slab was for income in between Rs.5 lacs to Rs. 8 lacs, but now it has been widened up to Rs.10.00 lacs instead of Rs. 8.00 lacs.

From above it can be clearly inferred that 30 % Tax slab now will be applicable on the part of total income which is above Rs. 10.00 lacs.

The budget also exempt up to Rs. 10,000.00 of interest income from tax.

There is no change in tax structure for woman and senior citizens.

In new amendment for AY 2013-14, deduction u/s 80CCF for purchase of notified infrastructure bond has been withdrawn.

Income Tax Rate as per Finance Act, 2012 for the FY 2012-13 or AY 2013-14

For Individual, HUF, AOP & BOI

Taxable Income	Male (Below 60 Years)	Female (Below 60 years)	Senior Citizen (60 -80 years )	Very Senior Citizen (Above 80 Years)
Basic Exemption	Rs. 2,00,000	Rs. 2,00,000	Rs. 2,50,000	Rs. 5,00,000
Rs. 2,00,001 to   Rs. 5,00,000	10% over Rs. 2,00,000	10% over Rs. 2,00,000	10 % over Rs. 2.5 lacs	NIL
Rs. 5,00,001  to Rs. 10,00,000	Rs. 30000 + 20 % over Rs. 5lacs	Rs. 30000 + 20 % over Rs. 5lacs	Rs. 25,000 + 20% over Rs. 5 lacs	20 % over Rs. 5 lacs
Over           Rs.    10,00,000	Rs. 1,30,000 + 30 % over Rs. 10 lacs	Rs. 1,30,000 + 30 % over Rs. 10 lacs	Rs. 1,25,000 + 30 % over Rs. 10 lacs	Rs. 1,00,000 + 30% over Rs. 10 Lacs.

Education cess @ 2 % and Higher Education cess 1%  will be in addition to above.

Income Tax Rate as per Finance Act, 2011 for the FY 2011-12 or AY 2012-13

For Individual, HUF, AOP & BOI

Taxable Income	Male (Below 60 Years)	Female (Below 60 years)	Senior Citizen (60 years & Above)	Very Senior Citizen (80 years & Above)
Basic Exemption	Rs. 1,80,000	Rs. 1,90,000	Rs. 2,50,000	Rs. 5,00,000
Rs. 1,80,001 to   Rs. 5,00,000	10% over Rs. 1,80,000	10% over Rs. 1,90,000	10 % over Rs. 2.5 lacs	NIL
Rs. 5,00,001  to Rs. 8,00,000	Rs. 32,000 + 20 % over Rs. 5lacs	Rs. 31,000 + 20 % over Rs. 5lacs	Rs. 25,000 + 20% over Rs. 5 lacs	20 % over Rs. 5 lacs
Over           Rs.    8,00,000	Rs. 92,000 + 30 % over Rs. 8 lacs	Rs. 91,000 + 30 % over Rs. 8 lacs	Rs. 85,000 + 30 % over Rs. 8 lacs	Rs. 60,000 + 30% over Rs. 8 Lacs.

No Surcharge, but Education cess @ 2 % and Higher Education cess 1%  will be in addition to above.

INCOME TAX SLAB FOR FY 2013-14 OR AY 2014-15

 

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