Electronic Filing of Income Tax Returns for 2015-16 Commences

ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not Include Income from Business 

ITR 4S - SUGAM can be Used by an Individual or an HUF Whose Income Includes Business Income Assessable on Presumptive Basis 

Taxpayers Requested to E-File Their Returns Early to Avoid the Rush Closer to the Last Date of Filing. 

The Income Tax Department has released the software for preparing the Income Tax Return forms 1- SAHAJ, 2, 2A and 4S- SUGAM for AY 2015-16. The e-filing of these return forms has been enabled on the e-filing website-https://incometaxindiaefiling.gov.in. 

ITR 1-SAHAJ, 2 and 2A can be used by individual or HUF whose income does not include income from business. ITR 4S - SUGAM can be used by an individual or HUF whose income includes business income assessable on presumptive basis. The elaborate details of the persons who can use these forms are available in the instructions for filling the forms. 

The facility for pre-filling of information for these return forms is available in the software for preparing the return forms. When the taxpayer exercises this option and just fills in his PAN, then personal information and information on taxes paid and TDS will be auto-filled in the form. Taxpayers are requested to use the return preparation software available free of cost under the ‘Downloads’ section on the home page of the Income Tax Department’s e-filing website-https://incometaxindiaefiling.gov.in. The use of Departmental software will ensure preparation of error-free returns thereby avoiding any need for future rectification due to data validation mistakes. 

Taxpayers are requested to e-file their returns early to avoid the rush closer to the last date of filing. 

Source : PIB

Now EPIC or Aadhaar document enough to get PAN card

An EPIC or Aadhaar document will now be enough for any individual to obtain PAN card as the Income Tax Department has relaxed the cumbersome procedure of having multiple documents to prove one's own identity. 

The Central Board of Direct Taxes (CBDT), the apex policy making body of the I-T Department, has recently issued a notification making the Elector's Photo Identity Card (EPIC) and Aadhaar, issued by the Unique Identification Authority of India, valid proof of "date of birth" for obtaining PAN card. 

Till now, both these photo ID cards were only considered as valid proof for substantiating the "identity" and "address" of an individual and not their date of birth. 

"The new notification, in simple terms, means that henceforth having only an EPIC or Aadhaar will be enough a document for any individual to obtain the PAN card. 

"These two documents will be valid as the proof an individual's identity, address and date of birth, thereby reducing the cumbersome procedure of having multiple documents to prove one's own identity. The EPIC and Aadhaar are now unique and all purpose identifiers," a senior I-T department officer told PTI. 

As part of the new notification, the government has also made a "photo identity card issued by the central government or state government or central public sector undertaking or state public sector undertaking or the central government health service scheme photo card or ex-servicemen contributory health scheme photo card" as the valid proofs for establishing the date of birth of an individual. 

"So, effectively now, there are a total of 12 identity documents which could be used to establish the date of birth of an individual who is applying for a PAN card as compared to the eight earlier. But for a common man, who is not in government service, only an EPIC or Aadhaar is required," the officer explained. 

The officer said this new arrangement has been made possible as the government has embarked on a mission to bring the three unique identifiers - EPIC, Aadhaar and PAN - on one platform and have inter-links between their databases in order to thwart attempts of duplicity or forgery in any of these three documents which are the most essential when it comes to taking legitimate benefits of government schemes. 

PAN is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any person who applies for it or to whom the department allots the number without an application. 

The EC and the Income Tax Department had recently made announcements that they would be sharing their respective databases and getting on-board with the Aadhaar platform, whose numbers have swelled to 76.83 crore till February 15 this year. 

An individual has to apply, either manually or electronically, with copies of proof of identity, address and date of birth along with the application form to obtain a PAN whose government stipulated fee is Rs 105. 

The EPIC and Aadhaar fulfil all the three mandatory requirements. 

Source: : The Economic Times

Annual Income Limit for Non-Creamy Layer

Press Information Bureau
Government of India
Ministry of Social Justice & Empowerment

04-December-2014 16:42 IST

Annual Income Limit for Non-Creamy Layer

The current annual income limit of creamy layer in OBC reservation is Rs. 6 lakhs per annum with effect from 16.05.2013. The parameter/criteria fixed for revision of said annual income limit of creamy layer is Consumer Price Index.

At present, there is no proposal to hike the annual income limit of creamy layer in OBC reservation.

This information was given by the Minister of State for Social Justice and Empowerment, Shri Krishan Pal Gurjar in a written reply to a question in Rajya Sabha here today.

A valid Email ID and Mobile Number to be Registered / Updated on the E-Filing Website of the Income Tax Department

Press Information Bureau 

Government of India

Ministry of Finance 

04-July-2014 18:21 IST

A valid Email ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department

A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can log on to:

https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.pdf)

The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by the taxpayer. The OTPs have to be entered by the taxpayer after logging into their e-filing account to authenticate the same. The OTPs will remain valid for 24 hours within which the taxpayer has to complete the process. For ‘Foreign/ NRI’ taxpayers, the OTP validation of the email ID would be sufficient.

Validation of email and mobile numbers has been introduced to facilitate taxpayers as in many cases incorrect emails and mobile numbers have been provided and taxpayers did not receive important communication from the Department. Further, it has been observed that in many cases taxpayers are not able to reset their password since the new temporary password from the Department may be sent to their registered email which may be different from the taxpayer’s personal email, e.g. email of their intermediary.

This is a one-time process to validate the mobile number and email ID. However, whenever the taxpayer changes the Mobile Number or email ID in their Profile, the process will be repeated to ensure that the particulars provided are correct. Further, this validation will ensure that Department can send an OTP for resetting the password used for Login in case the taxpayer has forgotten the password.

One mobile number or email ID can be used for a maximum of 10 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members and related business concerns (not exceeding 10 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile registered with the Department.

The taxpayer can enter any other person’s email or mobile number in addition, as a Secondary Contact (without any restriction on the number of user accounts linked as a Secondary Contact). Using “Profile Settings à My Profile” the taxpayer can select to include the Secondary Contact to also receive emails, alerts etc.

It is advised that the emails and SMS from the Income tax Department may be included in the ‘safe list’ or ‘white list’ to prevent the communications from the Department from being blocked or rejected or sent to Spam folder. Taxpayers are also advised not to share their user-id and password of their e-filing account with others to prevent un-authorized access.Taxpayers can reset their password using the ‘Forgot Password?’ link while logging in to their e-filing account and by providing the necessary details.

The Department requests the cooperation of all taxpayers for completing this validation process at the earliest for a smooth and convenient return filing process.

PIB

Important announcement for Tax payers for updating contact details in e-Filing Portal

Dear Tax Payers,

Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal.

It is noticed that many registered users are not having authenticated contact details in eFiling or may have provided details of other persons for convenience. This prevents the Department from interacting directly with taxpayers on their personal email and Mobile.

Further, it has been observed that in many cases taxpayers are not able to reset their password since the email communication from the Department may be sent to their registered email or Mobile which may be different from the taxpayer’s personal email or mobile.

Hence, it is requested that all the e-Filing users may immediately update and authenticate their correct contact details so that the communication can be sent to the valid Mobile number and E-mail ID.

The process of updating and authenticating the contact details are below.

New User

Provide the correct Mobile Number and Email ID during the Registration in the e-Filing portal, Activation link would be sent to the registered E-mail ID and a One Time Password (OTP also called PIN) is sent to the registered Mobile Number. User needs to Click on the Link provided in the E-mail and enter the OTP received in the mobile number for Successful activation of the registered user in e-Filing portal

Registered User

After the user logs in to the e-filing account, the user is requested to update the current Mobile number and E-mail ID. The user should update their personal Mobile number and Email so that the updated contact particulars are registered with the Department or confirm that the Mobile number and email ID already registered is their valid personal contacts. Upon submitting the details, Department would immediately send OTPs (PIN1 & PIN2) to new mobile number and Email ID. The respective PINsPIN1 and PIN2 received through Mobile number and E-mail ID should be entered by them in the respective input fields to authenticate that the email ID and mobile are correct. Upon successful validation the Mobile number and email ID would be updated in the taxpayer’s profile and the process would be complete. If the PINs are not received within specified time (say 2 minutes), the taxpayer may opt for “Resend PINs” option. The PINs once received will be valid for 24 hours.  The taxpayers are advised to validate the contact details using the PINs received within 24 hours. If PINs are not validated within 24 hours, the taxpayer has to login and follow the same procedure as above again.

Note:

Taxpayers are advised to follow the process mentioned above in the interest of the security of their e-filing account and to directly receive communication from the Department about status of processing and issue of refunds etc.

This is a one-time process to validate the mobile number and email ID. However, whenever the taxpayer changes the Mobile Number or email ID in their Profile, the process will be repeated to ensure that the particulars provided are correct.

One mobile number or email ID can be used for a maximum of 4 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members (not exceeding 4 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile registered with the Department.

The taxpayer can enter any other person’s email or mobile number in addition as a Secondary Contact (without any restriction on the number of user accounts linked as a Secondary Contact). Using “Profile Settings -> My Profile” the taxpayer can select to include the Secondary Contact to also receive emails, alerts etc.

Include the emails and SMS from the Income tax Department in the ‘safe list’ or ‘white list’ to prevent the communications from the Department from being blocked or rejected or sent to Spam folder.

As a best practice, please update and authenticate the current contact and address details under “Profile Settings -> My Profile” after login to eFiling portal.

Courtesy :  http://karnmk.blogspot.in/

Filing I-T return? Don’t ignore income from other sources

The current financial year is going to end soon and then it will be time to file your I-T return. However, before you do this, you should remember that there are various heads under which you need to file your income tax return. Income from salary, income from house property, income from profession & business, and income from capital gains are the main heads under which you show your earnings. But there still remain some kinds of income which are not categorized under either of these heads.


"Some of these are fully taxable, without any exemptions available. All such incomes fall under a different head, called 'Income from other sources'. In simple terms, this includes all such incomes which cannot be categorized as either salary, property or business income. Do remember that missing out any information on this can lead to imposition of penalty under the Income Tax Act," says Jitendra P.S. Solanki, a SEBI-registered investment adviser and founder of JS Financial Advisors.

However, before any income can be categorized as 'income from other sources', it has to meet a certain precondition which states that "the income should not be exempted under provision of this act and such income should not be chargeable to tax under any other head, viz., 'income from salary', 'income from house property', 'profit and gains of business & profession' and 'income from capital gain'. If it satisfies this condition, you will have to show it under 'income from other sources'. Let's look at some of such incomes:

1. Winning from Lotteries, Crossword Puzzles, Horse Races and Card Games: Any income you derive from the winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort (for instance, income from Kaun Banega Crorepati), gambling or betting of any form or nature whatsoever is chargeable to tax under this head. "All such incomes are fully taxable as no deduction in respect of any expenditure or allowance is allowed. The tax rates applicable to these incomes are 30% (cess of 3%) irrespective of the taxability of individual," informs Solanki.

2. Gifts of Money From Unrelated Person: Any sum of money (in excess of the prescribed limit of Rs 50,000) received without consideration by any individual is chargeable to income tax in the hands of the receiver. According to Section 56(2), the gifts not only include money from unrelated person, but also the gift of property or property acquired for inadequate consideration. Foreign/NRE gifts are also covered in this section.

3. Dividend Income: Since dividends from a domestic company and mutual funds are exempted from tax, only dividends received from a foreign company are taxed. However, dividend is defined clearly under Sec 2(22), which states that it also includes debentures issued to shareholders and bonus shores allotted to preference shareholders along with distribution in case of liquidation of a company.

4. Interest on Securities: Interest income by way of investment in securities is chargeable under this head. There is no specific definition of security given by income tax, but if we look at the general meaning, then a security is an acknowledgement of a debt or claim, which is secured. Bonds, Central or state government securities, debentures issued by companies or local authorities are secured debts and hence fall under this category.

"Here also the income earned through investment in securities is taxed at a special rate of 30% (cess 3%) irrespective of one's income tax slab. However, one has an option of paying tax either on receipt basis or accrual basis. But an assesse should be following the same accounting system in all his income," says Solanki.

5. Pension Received by Legal Heirs of Deceased: After the death of an employee, any pension received by legal heirs is taxable under the head 'Income from other sources'. However, as per Sec 57, legal heirs can claim standard deduction of 33 1/3% or Rs 15000 whichever is less.
There are also other incomes which generally do not fall under the other four heads of income and so they get chargeable to income tax under this head.

Here are some of them:

Insurance Commissions, Interest on Bank deposits/deposit with companies, Interest on loans, Interest received on unrecognized PF, Rent from a vacant piece of land, Interest received on delayed refund, Some perquisites to the director of a company.

You should remember that all such income, even if minuscule in nature, is subject to income tax, and therefore need to be included in your ITR form.

Source : The Economic Times

Five things to know about National Savings Certificate

1) The National Savings Certificate (NSC) is eligible for tax deduction under Section 80C for an investment of up to Rs 1 lakh. One can invest in five- or 10-year NSCs.

2) The interest on the NSC is fixed in April every year. The current rate is 8.5% for five years, and 8.8% for 10 years.

3) The interest accumulated every year can be deducted from Rs 1 lakh investible in that year for saving tax, as it is considered to be invested for this purpose.

4) The interest is taxable, but since it can be reinvested as part of Section 80C investment, it makes NSC an attractive option.

5) Investors have to keep an account of the interest received each year and ensure that the overall investment, including the interest, is in the Rs 1 lakh limit.

(Content courtesy: Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.)

Source :The Economic Times

Nine Reasons for getting a Tax notice

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details.

This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It's just that the tax authorities now have an integrated database on taxpayers and can track almost all f ..

Read more at: http://economictimes.indiatimes.com/articleshow

Dopt issued guidelines regarding handling of complaints in Ministries / Departments & RATES OF INCOME-TAX AS PER FINANCE ACT, 2013

Dopt issued guidelines regarding handling of complaints in Ministries / Departments 

No.104/76/2011-AVD.1

Government of India

Ministry of Personnel & Public Grievances & Pensions

(Department of Personnel & Training)

New Delhi, Dated October 18, 2013

OFFICE MEMORANDUM

Subject:- Guidelines regarding handling of complaints in Ministries / Departments.

The undersigned is directed to say that the instructions regarding dealing with anonymous and pseudonymous complaints as contained in this Department’s OM No. 321/4/91-AVD.III, dated 29th September, 1992 and as reiterated vide DOP&T’s OM No. 371/38/97-AVD.III, dated 3/11/1997, being at variance with instructions issued by CVC in this regard vide circular No.3(V)/99/2 dated 29th June, 1999, No. 98/DSP/9, dated 31st January, 2002 and 11th October, 2002, had been receiving the attention of the Government for the past some time.

2. The matter was examined afresh in consultation with the Central Vigilance Commission. Subsequent to the Public Interest Disclosure & Protection of informers’ Resolution 2004 (PIDPI), the Commission has created a mechanism for handling complaints where identity of the complainant is kept secret and the complainant is provided protection. This has been endorsed and operationalized by the Central Government with the approval of the competent authority.

3. In view of the fact that complainants who desire to protect their identity now have the protection of the Public Interest Disclosure & Protection of Informers’ Resolution — 2004 (PIDPI), the following procedure is laid down for handling anonymous and pseudonymous complaints, in supersession of instructions contained in DoP&T’s OM No. 321/4/91-AVD.III dated 29th September, 1992:

(i) No action is required to be taken on anonymous complaints, irrespective of the nature of allegations and such complaints need to be simply filed

(ii) Complaints containing vague allegations could also be filed without verification of identity of the complainant.

(iii) If a complaint contains verifiable allegations, the administrative Ministry/Department may take cognizance of such complaint with the approval of the competent authority to be designated by the Ministry/Department as per their distribution of work. In such cases, the complaint will be first sent to the complainant for owning/disowning, as the case may be. If no response is received from the complainant within 15 days of sending the complaint, a reminder will be sent. After waiting for 15 days after sending the reminder, if still nothing is heard, the said complaint may be filed as pseudonymous by the Ministry/Department.

4. Instructions contained in para-3 above would also be applicable (with appropriate competent authority to be designated under para 3 (iii) above) for dealing with complaints against Secretaries to the Government of India or Chief Executives / CMDs / Functional Director of PSEs/PSBs/FIs, which will continue to be referred to the Cabinet Secretariat for placing before the Group of Secretaries headed by the Cabinet Secretary/Secretary (Coordination) in the Cabinet Secretariat, as the case may be, as per procedure given in Department’s OM No. 104/100/2009-AVD.I, dated 14/1/2010 and DPE’s OM No. 15(1)/2010-DPE(GM), dated 11/3/2010, as amended from time to time.

sd/-

(G.Srinivasan)

Under Secretary to the Government of India

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 Act from income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. Assessment Year 2014-15) at the following rates:

2.1 Rates of tax

A. Normal Rates of tax:

S. 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:

S. 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:

S. 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/-
4	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 income minus 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.

3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM "SALARIES":

3.1 Method of Tax Calculation:

Every person who is responsible for paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2013-14. The income-tax is required to be calculated on the basis of the rates given above, subject to the provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at the time of each payment. No tax, however, will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,00,000/- or Rs.2,50,000/- or Rs. 5,00,000/-, as the case may be, depending upon the age of the employee.

Income-Tax Deduction from Salaries during the Financial Year 2013-14: IT Circular No. 08/2013 Part-I

CIRCULAR

 NO : 08 /2013

F.No. 275/192/2013-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, dated the 10th October, 2013

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2013-14 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.08/2012 dated 05.10.2012 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961(hereinafter ‘the Act’), during the financial year 2012-2013, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the financial year 2013-2014 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incometaxindia.gov.in.

Source: www.incomtaxindia.gov.in

Rates of Income-Tax on Salaries for AY 2014-2015 FY 2013-2014: IT Circular 08/2013 Part-2

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/