income tax 2013-14 assessment year 2014-15
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For Individual and HUF
- upto 200000 - NIL ( This is Basic exemption tax limit )
- from 200000 to 500000 Tax @ 10%
- from 500000 to 100000 the tax rate is 20% above 5 lakhs
- and above 10,00,000 the tax rate is 30%
The tax plus education cess of 3% is payable by assessee.
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**INCOME TAX**
Income upto 2,00,000 --- NIL
2,00,0000-5,00,0000- 10%
5,00,000-10,00,000-- 20%
Above 10,00,000- 30%
Add education cess on the tax and surcharge if income exceeds rupees 1 crore
Thanks
Hiii friend..
The slabs for AY 2014.15 are as follows,,,
For Individual and HUF
- upto 200000 - NIL ( This is Basic exemption tax limit )
- from 200000 to 500000 Tax @ 10%
- from 500000 to 100000 the tax rate is 20% above 5 lakhs
- and above 10,00,000 the tax rate is 30%
The tax plus education cess of 3% is payable by assessee.
Here you will get tax rebate of Rs. 2000 u/s 87A if your Taxable Income is less than 5,00,000. And it available for Individuals/HUF only.
The Basic exemption limit for Senior Citizens is Rs. 250000 and 500000 for super senior citizens.
And for Firms and companies tax rate is 30% plus education cess of 3% on tax.
Regards,
Dear Rakesh,
For individual and huf : 200,000 nil
next 300,000 10%
next 500000 20%
Balance 30%
Cess: 3%
Surcharge 10% if total income exceed one core.
For senior citizen such exemption is rs 250,000 and rest are same
Rebate u/s 87A of rs 2000 is avilable if total income does not exceed 500,000/-
For such exemption (250000) for super senior citizen is 500,000 rest are same.
For comapny, pertnership firm etc are liable to pay tax @ 30%
Any other query feel free to contact us.
Writer
CA Chitranjan Agarwal