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

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India finance Taxation Highlights: 2014

Direct Tax Highlights

 

1

Income tax department is expected to function not only as an enforcement dept but also as a facilitator

2

Net effect of direct tax proposals is revenue loss of Rs 22,200 crore

3

60 more ‘Ayakar Sewa Kendras’ to be set up.

4

Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley

5

Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh

6

Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh.

7

Personal income tax limit increased by Rs 50,000 for people below 60 years.

8

No changes in tax rates for individuals.

9

FM raises PPF ceiling to Rs 1.5 lakh

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