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{"id":25,"date":"2013-12-29T00:00:00","date_gmt":"2013-12-28T18:30:00","guid":{"rendered":""},"modified":"2016-07-30T11:24:24","modified_gmt":"2016-07-30T05:54:24","slug":"income-tax-rate-for-financial-year-2013-2014-2","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/income-tax-rate-for-financial-year-2013-2014-2\/","title":{"rendered":"Income tax rate for financial year 2013-2014"},"content":{"rendered":"
A.\u00a0\u00a0\u00a0\u00a0 <\/strong>For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP:<\/strong><\/p>\n
\n\n
\n
Net Income<\/strong><\/td>\n
Income Tax \nRate<\/strong><\/td>\n
\n
Surcharge<\/strong><\/p>\n
\u00a0<\/strong><\/td>\n<\/tr>\n
\n
Up To Rs. 2 Lacks<\/td>\n
NIL<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs.2 Lacks to Rs.5 Lacks<\/td>\n
10% of (total income \u2013 Rs. 2 Lacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs.5 Lacks to Rs.10 Lacks<\/td>\n
Rs.30,000 + 20% of (total income \u2013 Rs.5 Lacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs. 10 Lacks to 1 Crore<\/td>\n
Rs. 1,30,000 + 30% of (total income \u2013 Rs.10 \nLacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Above 1 Crore<\/td>\n
Rs. 28,30,000 + 30% \nof (total income \u2013 Rs.1 Crore)<\/td>\n
10% of Income Tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.<\/p>\n
B.\u00a0\u00a0\u00a0\u00a0 <\/strong>For resident senior citizen who is 60 years or more but less than 80 years during the financial year:<\/strong><\/p>\n
\n\n
\n
Net Income<\/strong><\/td>\n
Income Tax Rate<\/strong><\/td>\n
Surcharge<\/strong><\/td>\n<\/tr>\n
\n
Up To Rs. 2.50 Lacks<\/td>\n
NIL<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs.2.50 Lacks to Rs.5 Lacks<\/td>\n
10% of (total income \u2013 Rs. 2.50 Lacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs.5 Lacks to Rs.10 Lacks<\/td>\n
Rs. 25,000 + 20% of (total income \u2013 Rs.5 Lacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs. 10 Lacks to 1 Crore<\/td>\n
Rs. 1,25,000 + 30% of (total income \u2013 Rs.10 \nLacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Above 1 Crore<\/td>\n
Rs. 28,25,000 + 30% of (total income \u2013 Rs.1 Crore)<\/td>\n
10% of Income Tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.<\/p>\n
C.\u00a0\u00a0\u00a0\u00a0 <\/strong>For resident senior citizen who is 80 years or more during the financial year:<\/strong><\/p>\n
\n\n
\n
Net Income<\/strong><\/td>\n
Income Tax \nRate<\/strong><\/td>\n
Surcharge<\/strong><\/td>\n<\/tr>\n
\n
Up To Rs. 5 Lacks<\/td>\n
NIL<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs.5 Lacks to Rs.10 Lacks<\/td>\n
20% of (total income \u2013 Rs.5 Lacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Rs. 10 Lacks to 1 Crore<\/td>\n
Rs. 1,00,000 + 30% of (total income \u2013 Rs.10 \nLacks)<\/td>\n
NIL<\/td>\n<\/tr>\n
\n
Above 1 Crore<\/td>\n
Rs. 28,00,000 + 30% of (total income \u2013 Rs.1 Crore)<\/td>\n
10% of Income Tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of \n1% of income tax and surcharge is also applicable.<\/p>\n
Income tax is 30% of total income. Surcharge is 10% of total Income tax if income is above 1 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.<\/p>\n
E.\u00a0 <\/strong>Companies<\/strong><\/p>\n
\u00a0Income Tax Rates are for domestic company is 30%.\u00a0 Surcharge is 5% of total Income tax if income is above 1 Crore but below 10 Crore and 10% if income is above 10 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.<\/p>\n
Net Income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\n
Income Tax Rate<\/strong><\/td>\n<\/tr>\n
\n
Up To Rs. 10,000<\/td>\n
10%<\/td>\n<\/tr>\n
\n
Rs.10,000 to Rs. 20,000<\/td>\n
20%<\/td>\n<\/tr>\n
\n
Above Rs.10,000<\/td>\n
30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
Surcharge 10% is applicable if net income is more than Rs.1 Crore. In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.<\/p>\n","protected":false},"excerpt":{"rendered":"