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