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

Tax rate for the assessment year 2013-2014 will be applicable for the financial year ending 31st march 2013 i.e. income generated from 1st of april 2012 to 31st march 2013

Different rates are mentioned in IT act for different category of persons and based on this a person is taxable under IT act.

IT rate 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 Tax rate as a Percentage on total income
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

IT rate 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 Tax rate
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

IT rate for Assessment Year 2013-2014 for others, including Women

Sr. No Total Income Range Tax rate
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 charged on income generated (based on the tax rates of assessment year 2013-2014) following cess are required to be charged and paid to IT department

Education Cess charged on Tax

2% of tax as calculated above

Secondary and Higher education Cess on the tax amount

1% of the tax as calculated above