2. RATES OF INCOME-TAX AS
PER FINANCE ACT, 2013:
PER FINANCE ACT, 2013:
As per the Finance Act,
2013, income-tax is required to be deducted under Section 192 of the Act from
income chargeable under the head “Salaries” for the financial year
2013-14 (i.e. Assessment Year 2014-15) at the following rates:
2013, income-tax is required to be deducted under Section 192 of the Act from
income chargeable under the head “Salaries” for the financial year
2013-14 (i.e. Assessment Year 2014-15) at the following rates:
2.1 Rates of tax
A. Normal Rates of tax:
|
Sl No
|
Total Income
|
Rate of tax
|
|
1
|
Where the total income does not exceed Rs. 2,00,000/-.
|
Nil
|
|
2
|
Where the total income exceeds Rs. 2,00,000 but
does not exceed Rs. 5,00,000/- |
10 per cent of the amount by which the total
income exceeds Rs. 2,00,000/- |
|
3
|
Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 10,00,000/-. |
Rs. 30,000/- plus 20 per cent of the amount by
which the total income exceeds Rs. 5,00,000/-. |
|
4
|
Where the total income exceeds Rs. 10,00,000/-.
|
Rs. 1,30,000/- plus 30 Per cent of the amount by
which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every
individual, resident in India, who is of the age of sixty years or more but less
than eighty years at any time during the financial year:
individual, resident in India, who is of the age of sixty years or more but less
than eighty years at any time during the financial year:
|
Sl No
|
Total Income
|
Rate of tax
|
|
1
|
Where the total income
does not exceed Rs. 2,50,000/- |
Nil
|
|
2
|
Where the total income
exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/- |
10 per cent of the
amount by which the total income exceeds Rs. 2,50,000/- |
|
3
|
Where the total income
exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- |
Rs. 25,000/- plus 20
per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
|
4
|
Where the total income
exceeds Rs. 10,00,000/- |
Rs. 1,25,000/- plus 30
per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every
individual being a resident in India, who is of the age of eighty years or more at any time during
the financial year:
individual being a resident in India, who is of the age of eighty years or more at any time during
the financial year:
|
Sl No
|
Total Income
|
Rate of tax
|
|
1
|
Where the total income
does not exceed Rs. 5,00,000/- |
Nil
|
|
2
|
Where the total income
exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- |
20 per cent of the
amount by which the total income exceeds Rs. 5,00,000/- |
|
3
|
Where the total income
exceeds Rs. 10,00,000/- |
Rs. 1,00,000/- plus 30
per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
2.2 Surcharge on Income
tax:
The amount of income-tax
shall be increased by a surcharge @10% of the Income-tax on payments to an
individual taxpayer, if the total income of the individual exceeds Rs 1 crore during
FY 2013-14 (AY 2014-15). However the amount of Surcharge shall not exceed the amount
by which the individual’s total income exceeds Rs 1 crore and if surcharge so
arrived at, exceeds such amount (assessee’s total income minus one crore) then
it will be restricted to the amount of total income minus Rupees one crore.
shall be increased by a surcharge @10% of the Income-tax on payments to an
individual taxpayer, if the total income of the individual exceeds Rs 1 crore during
FY 2013-14 (AY 2014-15). However the amount of Surcharge shall not exceed the amount
by which the individual’s total income exceeds Rs 1 crore and if surcharge so
arrived at, exceeds such amount (assessee’s total income minus one crore) then
it will be restricted to the amount of total income minus Rupees one crore.
2.3.1 Education Cess on
Income tax:
The amount of income-tax
including the surcharge if any, shall be increased by Education Cess on Income
Tax at the rate of two percent of the income-tax.
including the surcharge if any, shall be increased by Education Cess on Income
Tax at the rate of two percent of the income-tax.
2.3.2 Secondary and
Higher Education Cess on Income-tax:
An additional cess is
chargeable at the rate of one percent of income-tax including the surcharge if
any, but not including the Education Cess on income tax as in 2.3.1.
chargeable at the rate of one percent of income-tax including the surcharge if
any, but not including the Education Cess on income tax as in 2.3.1.
Click here to see IT Circular 08/2013
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