income tax 2013-14 assessment year 2014-15

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.

**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