2. RATES OF INCOME-TAX
AS PER FINANCE ACT, 2013:
As per the Finance Act, 2013, income-tax is required to be deducted under Section 192 of the Actfrom income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. AssessmentYear 2014-15) at the following rates:
2.1 Rates of tax
A. Normal Rates of
tax:
Sl No
|
Total Income
|
Rate of tax
|
1
|
Where the total income does not exceed Rs. 2,00,000/-.
|
Nil
|
2
|
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs.
5,00,000/-
|
10 per cent of the amount by which the total income exceeds Rs.
2,00,000/-
|
3
|
Where the total income exceeds Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-.
|
Rs. 30,000/- plus 20 per cent of the amount by
which the total income exceeds Rs. 5,00,000/-.
|
4
|
Where the total income exceeds Rs. 10,00,000/-.
|
Rs. 1,30,000/- plus 30 Per cent of the amount by
which the total income exceeds Rs. 10,00,000/-
|
B. Rates of tax for
every individual, resident in India, who is of the age of sixty years or more
but less than eighty years at any time during the financial year:
Sl No
|
Total Income
|
Rate of tax
|
1
|
Where the total income does not exceed Rs. 2,50,000/-
|
Nil
|
2
|
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-
|
10 per cent of the amount by which the total income exceeds Rs.
2,50,000/-
|
3
|
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-
|
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs.
5,00,000/-.
|
4
|
Where the total income exceeds Rs. 10,00,000/-
|
Rs. 1,25,000/- plus
30 per cent of the amount by which the total income exceeds Rs.
10,00,000/-
|
C. In case of every
individual being a resident in India, who is of the age of eighty years or more
at any time during the
financial year:
Sl No
|
Total Income
|
Rate of tax
|
1
|
Where the total income does not exceed Rs. 5,00,000/-
|
Nil
|
2
|
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-
|
20 per cent of the amount by which the total income exceeds Rs.
5,00,000/-
|
3
|
Where the total income exceeds Rs. 10,00,000/-
|
Rs. 1,00,000/- plus
30 per cent of the amount by which the total income exceeds Rs.
10,00,000/-
|
2.2 Surcharge on Income tax:
The amount of income-tax shall be increased by
a surcharge @10% of the Income-tax on payments to an individual taxpayer, if
the total income of the individual exceeds Rs 1 crore during FY 2013-14 (AY
2014-15). However the amount of Surcharge shall not exceed the amount by which
the individual’s total income exceeds Rs 1 crore and if surcharge so arrived
at, exceeds such amount (assessee’s total income minus one crore) then
it will be restricted to the amount of total incomeminus Rupees one crore.
2.3.1 Education Cess on Income tax:
The amount of income-tax including the
surcharge if any, shall be increased by Education Cess on Income Tax at the
rate of two percent of the income-tax.
2.3.2 Secondary and Higher Education Cess on
Income-tax:
An additional cess is chargeable at the rate of one percent of income-tax including the surcharge
if any, but not including the Education Cess on income tax as in 2.3.1.
Click here to see IT Circular 08/2013
Courtesy : http://karnmk.blogspot.in/
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