Income Tax Rates for the assessment year 2013-14 will be applicable to the financial year ending 31st March 2013. This means its application for the income generated between the 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.
Tax Rates for Financial Year 2012-13 – Assessment Year 2013-14
Based on the age group tax rates are specifically defined. You are required to calculated by looking into the options that you fit in and then based on your total income for the financial year.
Income Tax Rates for Assessment Year 2013-14 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 2013-14 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 2013-14 for others, including Women
We do not have any separate tax rates for a woman assessee. The following slab rates are applicable to an individual who is below the age of 60 years.
| 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 2013-14
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
Tax rates for AY 2015-2016 and 2016-17 have been increased to Rs 250000 for individuals below 60 years of age and Rs 300000 for individuals who are 60 years and below 80 years of age.
The tax law also gives higher deductions for senior citizens who are 80 years or more of age. For more details please read below articles;
