Income Tax Rates for Assessment Year 2013-2014 -For Individual and HUF

Income Tax rates for assessment year 2013-2014 will be applicable to the financial year ending 31st march 2013 i.e. income generated from 1st of April 2012 to 31st march 2013. Different slab rates are mentioned in IT act for different categories of persons and based on this a person is taxable under IT act.

Income Tax Rate for Assessment Year 2013-2014 -For Individual and HUF

Tax Rates for Financial Year 2012-2013 – Assessment Year 2013-2014

Based on the age group tax rates are specifically defined. You are required to calculated by looking into the options that you fits in and then based on your total income for the financial year.

Income Tax Rates for Assessment Year 2013-2014 for Resident Senior citizen of 60 years or more but below the age of 80 years at any time during the previous year

Sr. No Total Income Range Rates as a Percentage
1 Up to 2,50,000 NILL
2 Rs.2,50,001 to Rs.5,00,000 10% of the amount by which the total income exceeds Rs. 2,50,000
3 Rs. 5,00,001 to Rs. 10,00,000 Rs. 25,000 + 20% of the amount by which the total income exceeds Rs. 5, 00,000
4 Above Rs. 10,00,000 Rs. 1,25,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000

Income Tax rates for Assessment Year 2013-2014 for Resident Senior citizen of 80 years or more at any time during the previous year

Sr. No Total Income Range Rates as a Percentage
1 Up to Rs. 5,00,000 NILL
2 Rs. 5,00,000 to Rs. 10,00,000 20% of the amount by which the total income exceeds rupees five lakhs
3 Above Rs. 10,00,000 Rs. 1,00,000 + 30% of the amount by which the total income exceeds rupees ten lakhs

Income Tax rate for Assessment Year 2013-2014 for others, including Women

Sr. No Total Income Range Rates as a Percentage
1 Up to Rs 200,000 NILL
2 Rs. 200,000 to 5,00,000 10% of the amount by which the total income exceeds ruppes two lakhs
3 Rs. 5,00,001 to 10,00,000 Rs. 30,000 + 20% of the amount by which the total income exceeds ruppes five lakhs
4 Above  Rs. 10,00,000 Rs. 1,30,000 + 30% of the amount by which the total income exceeds rupees ten lakhs

In addition to the tax liability, charged on income generated following cess are required to be charged and paid to IT department

Education Cess – For Assessment Year 2013-2014

2% of tax amount as calculated above

Secondary and Higher education Cess – For Assessment Year 2013-2014

1% of the tax amount as calculated above