L.L. +91-11-42156347
Mob. +91-9910105077
LiveZilla Live Help
Areas of Practice
Daily Legal News
For Salaried Persons
     
read more

Statutory provisions
  STATUTORY PROVISIONS OF SERVICE TAX APPLICABLE w. e. f. 28.05.2012 As you all are .....
read more

Income Tax

 

Income Tax is applicable on the Net Income earned during the year by different sources e.g. Salary Income, Income from Business & Profession, Capital Gain and Income from Other Sources.

INCOME TAX RATE FOR A.Y.2013-2014

For individual, every HUF/AOP/BOI/artificial juridical person:- 

Net Income Range


Income Tax Rates

Surcharge

Education Cess

Up to Rs. 2,00,000

NIL

NIL

NIL
 

Rs. 2,00,001 – 5,00,000

10%

NIL

 3% 
 

Rs. 5,00,001 – 10,00,000

20%

NIL

 3% 
 

Above  Rs.10,00,000

30%

NIL

 3%  
 

 

 For resident Senior citizen (who is 60 years or more at any time during the previous year):- 

Net Income Range


Income Tax Rates

Surcharge

Education Cess

Up to Rs. 2,50,000

NIL

NIL

NIL 

Rs. 2,50,001 – 5,00,000

10%

NIL

3%

Rs. 5,00,001– 10,00,000

20%

NIL

3%

Above Rs.10, 00,000

30%

NIL

3%

 

For resident Sper Senior citizen (who is 60 years or more at any time during the previous year):- 

Net Income Range


Income Tax Rates

Surcharge

Education Cess

Up to Rs. 5,00,000

NIL

NIL

NIL 

Rs. 5,00,001– 10,00,000

20%

NIL

3%

Above Rs.10, 00,000

30%

NIL

3%

 

 

 DEDUCTIONS

  • In addition to the sum of Rs.1 Lac, the following six deductions will continue to receive the same tax treatment as prevails.
     
  • Interest paid on housing loan for self-occupied house property.
     
  • Medical insurance premium.
     
  • Specified expenditure on disabled dependant.
     
  • Expenses for medical treatment of specified diseases or ailments for self or dependant or  member of HUF.
     
  • Deduction in respect of interest on loan for pursuing higher studies.
     
  • Deduction to a person with disability.

 

Partnership Firms & Companies

Tax Rate - 30%

Surcharge - NIL

Education Cess - 3% on (Income Tax + Surcharge)

Effective Rate of Tax - 33.66%

DEDUCTIONS

  • In addition to the sum of Rs.1 Lac, the following six deductions will continue to receive the same tax treatment as prevails.
     
  • Interest paid on housing loan for self-occupied house property.
     
  • Medical insurance premium.
     
  • Specified expenditure on disabled dependant.
     
  • Expenses for medical treatment of specified diseases or ailments for self or dependant or  member of HUF.
     
  • Deduction in respect of interest on loan for pursuing higher studies.
     
  • Deduction to a person with disability.
VAT DVAT Registration
Ask A Legal Question

Your Name*
Email Address*
Your Question*
Verification Code*
captcha
 = 
Submit button
©1995-2017 Giri Consultancy Service Pvt. Ltd. All Rights Reserved.