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Income Tax

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/-.

RESIDENT SENIOR CITIZEN

(Who is 60 years or more at any time during the previous year but not more than 80 years on the last day of previous year.)

Net Income Range Income Tax Rates
Up to Rs. 2,50,000/- Nil
Rs. 2,50,000/- to Rs. 5,00,000/- 10% of (total income minus Rs. 2,50,000/-)
Rs. 5,00,000/- to Rs. 10,00,000/- Rs. 25,000/- + 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 10,00,000/- Rs. 1,25,000/- + 30% of (total income minus Rs. 10,00,000/-)

RESIDENT SUPER SENIOR CITIZEN

(Who is 80 years or more at any time during the previous year.)

Net Income Range Income Tax Rates
Up to Rs. 5,00,000/- Nil
Rs. 5,00,000/- to Rs. 10,00,000/- 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 10,00,000/- Rs. 1,00,000/- + 30% of (total income minus Rs. 10,00,000/-)

ANY OTHER INDIVIDUAL/ HUF/ AOP/ BOI/ ARTIFICIAL JURIDICIAL PERSON

Net Income Range Income Tax Rates
Up to Rs. 2,00,000/- Nil
Rs. 2,00,000/- to Rs. 5,00,000/- 10% of (total income minus Rs. 2,00,000/-)
Rs. 5,00,000/- to Rs. 10,00,000/- Rs. 30,000/- + 20% of (total income minus Rs. 5,00,000/-)
Above Rs. 10,00,000/- Rs. 1,30,000/- + 30% of (total income minus Rs. 10,00,000/-)

PLUS EDUCATION CESS @ 3% OF INCOME TAX.