Taxation

What is the RATES of Tax on Income in INDIA for Assessment Year 2013-14 ?

Following Are the List of Tax rate Applicable To Different class of assesses in INDIA for the A.Y. 2013-14

A)For Individual /HUF/BOI & Every artificial Judicial Person

Level  of Total Income

Rate of Income Tax

Where total Income does not exceed 2,00,000

Nil

Where the total Income Exceeds 2,00,000 but does not exceed 5,00,000

10% of the Amount by which the Total Income exceed 2,00,000

Where the total Income Exceeds 5,00,000 but does not exceed 10,00,000

30,000 plus 20% of the Amount by which the Total Income exceed 5,00,000

Where Total Income exceeds 10,00,000

1,25,000 plus 30% of the Amount by which the Total Income exceed 10,00,000

 

B)For resident individual of the age of 60 years or more but less than 80 years at any time during the      previous year

Level  of Total Income

Rate of Income Tax

Where total Income does not exceed 2,50,000

Nil

Where the total Income Exceeds 2,50,000 but does not exceed 5,00,000

10% of the Amount by which the Total Income exceed 2,00,000

Where the total Income Exceeds 5,00,000 but does not exceed 10,00,000

20,000 plus 20% of the Amount by which the Total Income exceed 5,00,000

Where Total Income exceeds 10,00,000

1,25,000 plus 30% of the Amount by which the Total Income exceed 10,00,000

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c)For resident individual of the age of 80 years or more at any time during the previous year

Level  of Total Income

Rate of Income Tax

Where total Income does not exceed 5,00,000

Nil

Where the total Income Exceeds 5,00,000 but does not exceed 10,00,000

20% of the Amount by which the Total Income exceed 2,00,000

Where the total Income Exceeds 10,00,000

3,00,000 plus 30% of the Amount by which the Total Income exceed 10,00,000

 

D) Co-operative Society

(Note :- There is no change in structure as compared to A.Y.2012-2013)

Level  of Total Income

Rate of Income Tax

Where total Income does not exceed 10,000

10% of Total Income

Where the total Income Exceeds 10,000 but does not exceed 20,000

1,000 plus 20% of the Amount by which the Total Income exceed 10,000

Where the total Income Exceeds 20,000

3,000 plus 30% of the Amount by which the Total Income exceed 20,000

 

E) Firm/Limited Liability  Partnership (LLP)

·         The Rate of Tax for firm For A.Y.2013-14 is the same as that for A.Y. 2012-13 i.e. 30% on the total income of the firm. Same rate is applicable to LLP also.

F) Company

The Rates of tax for A.Y. 2013-14 are the same as that of 2012013

In the case of Domestic company

30% of the total income

In the case of company other than domestic company.

40% of the total income.

However, specified royalties and fees for rendering technical services received from Government or an Indian company in respect of an approved agreement made by the company with Government or Indian concern between 1.4.1961 and 31.3.1976 (in case of royalties)and 31.3.1976 9in case of FTS) would be chargeable to tax @50%

 

Surcharge

·           No surcharge is applicable to Individual, HUF, BOI, Co-operative societies, and firm/LLP for A.Y. 2013-14.

            In case of Domestic company :- Surcharge is payable @5%, where total income exceed 1 crore (Benefit    of Marginal Relief is available in case income Exceeds 1 Cr.)

·          In case of Foreign company :- Surcharge is payable @2%, where total income exceed 1 crore (Benefit of Marginal Relief is available in case income Exceeds 1 Cr.)

 

Education Cess/Secondary and higher secondary education cess on income tax

    Education Cess @2% for all assesse

     Secondary and Higher secondary Education Cess @1%

 

 

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