Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh. Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.
Income Tax Department, Govt. of India
The vision of Income Tax Department is to be a partner in the nation building process through progressive tax policy, efficient and effective tax administration and improved voluntary compliance.
Submission of 24G/24Q/26Q by TOs and DDOs within 31.03.2014
All the DDO’s/ Cheque drawing officers of Works and Forest Dptts./ Treasury officers and departmental authorities are requested file returns within 31.3.2014 and thus be relieved of the fines and penalties already imposed by the IT authority.
Income Tax Rates for Assessment Year 2010-11
For Individual (age below 60 years), Income Tax is Nil upto a Net Income of Rs. 1,60,000/-
Income Tax Rates for Assessment Year 2011-12
For Individual (age below 60 years), Income Tax is Nil upto a Net Income of Rs. 1,60,000/- which is same as the previous year.
Income Tax Rates for Assessment Year 2013-14
For Individual (age below 60 years), Income Tax is Nil upto a Net Income of Rs. 2,00,000/-. Beyond that Tax @ 10% upto Rs. 5,00,000/-.
Income Tax Rates for Assessment Year 2012-13
For Individual (age below 60 years), Income Tax is Nil upto a Net Income of Rs. 1,80,000/-. Beyond that Tax @ 10% upto Rs. 5,00,000/-.