Income Tax Rates for Assessment Year 2013-14 -For Individual and HUF

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. NoTotal Income RangeRates as a Percentage
1Up to 2,50,000NILL
2Rs.2,50,001 to Rs.5,00,00010% of the amount by which the total income exceeds Rs. 2,50,000
3Rs. 5,00,001 to Rs. 10,00,000Rs. 25,000 + 20% of the amount by which the total income exceeds Rs. 5, 00,000
4Above Rs. 10,00,000Rs. 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. NoTotal Income RangeRates as a Percentage
1Up to Rs. 5,00,000NILL
2Rs. 5,00,000 to Rs. 10,00,00020% of the amount by which the total income exceeds rupees five lakhs
3Above Rs. 10,00,000Rs. 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. NoTotal Income RangeRates as a Percentage
1Up to Rs 200,000NILL
2Rs. 200,000 to 5,00,00010% of the amount by which the total income exceeds ruppes two lakhs
3Rs. 5,00,001 to 10,00,000Rs. 30,000 + 20% of the amount by which the total income exceeds ruppes five lakhs
4Above  Rs. 10,00,000Rs. 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;

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.