Income Tax Rates Slabs : Assessment Year 2014-15/Financial Year 2013-14

Income Tax Rates

I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals

Total IncomeTax Rate
Upto Rs. 200,000*          Nil
200,001 to 500,000       10%
500,001 to 10,00,000       20%
Above Rs. 10,00,000       30%

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000

The category of women below the age of 65 years has been removed.

In the case of a resident individual of the age of eighty years or above

 

Total Income    Tax Rate
Upto Rs. 500,000*          Nil
500,001 to 10,00,000       20%
Above Rs. 10,00,000       30%

 

Surcharge is Nil

Education cess is applicable @ 3 percent on income tax

II. For Partnership Firms

•  Partnership Firms are taxable @ 30 percent

•  Surcharge is Nil

•  Education cess is applicable @ 3 percent on income tax

III. For Domestic Companies

•  Domestic companies are taxable @ 30 percent

•  Surcharge is applicable @ 5 percent if total income is in excess of INR 10,000,000

•  Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)

IV. For Foreign Companies

•  Foreign companies are taxable @ 40 percent

•  Surcharge is applicable @ 2 percent if total income is in excess of INR 10,000,000

•  Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)

next : Agricultural Income and Tax Liability

Leave a Reply