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Author Topic: Income Tax Slabs AND Rates for AY 2014-15  (Read 3155 times)

tannay

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Income Tax Slabs AND Rates for AY 2014-15
« on: March 07, 2013, 02:33:05 AM »
As per the union budget present by finance minister P Chidambaram  on 28th Feb 2013  there is no change in income rates and slabs

In income Tax Slab for ay 14-15 / fy 13-14, basic tax exemption limits are the same. The only benefit this financial year is there is a tax credit of Rs 2000 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year

There is no change in 10%, 20% and 30% slab rates they remain the same. The 10% slab is from RS 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to RS 10,00,000 and  30% tax slab  starts from Rs 10,00,001

There is no change in tax structure for women and senior citizens

For normal category the simple calculation is as follows

•Taxable Income in 10% slab maximum tax will be Rs  28000 ( taking 2000 tax credit into consideration)
•Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
•Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000
Education and other cess will be in addition to this

http://www.finance.pushpi.com/income-tax-slab-for-fy-2013-14.htm