Income tax
Income tax is a form of direct tax. It is the major source of revenue to the government .
Income Tax slab rates Assessment Year : 2013-2014
A) In case of Individual (including women) whose age is not more than sixty years.
Total income up to 2,00,000 |
Nil |
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 |
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
B) In case of resident individual who is of the age of sixty years or more but not more than the age of eighty years during the previous year.
Total income up to 2,50,000 |
Nil |
Total income in excess of 2,50,000 up to 5,00,000 |
10 % of the amount in excess of 2,50,000 |
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 25,000 |
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 1,25,000 |
C) In case of individual who is of the age of eighty years or more at any time during the previous year.
Total income up to 5,00,000 |
Nil |
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 |
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 1,00,000 |
D) AOP (association of persons) or BOI (body of individuals).
Total income up to 2,00,000 |
Nil |
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 |
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
E) Co-operative society
Total income up to 10,000 |
10 % the total income |
Total income in excess of 10,000 up to 20,000 |
20 % of the amount in excess of 10,000 + 1,000 |
Total income in excess of 20,000 |
30 % of the amount in excess of 20,000 + 3,000 |
F) Hindu undivided family (HUF)
Total income up to 2,00,000 |
Nil |
Total income in excess of 2,00,000 up to 5,00,000 |
10 % of the amount in excess of 2,00,000 |
Total income in excess of 5,00,000 up to 10,00,000 |
20 % of the amount in excess of 5,00,000 + 30000 |
Total income in excess of 10,00,000 |
30 % of the amount in excess of 10,00,000 + 130000 |
G) Firm, Local authority
On the total income |
30 % of the total income |
Surcharge: No surcharge is charged from assessment year 2010-2011 onwards.
Education cess: 3 % of income tax (all assesses except company).
H) Company
1) Domestic company
On the total income |
30 % of the total income |
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Surcharge: 5 % of income tax when total income exceeds one crore
2) Company other than domestic company
1 |
on so much of the total income as consists of: |
50 % |
a)royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or |
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b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been 50 % ;approved by the Central Government. |
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2 |
Other income |
40 % |
Surcharge:
-
Domestic company having a total income exceeding one crore – 5 % of income tax
-
Company other than a domestic company having a total income exceeding one crore – 2 % of income tax