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 |
{loadposition wtext}
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%
