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    India Income Tax Slabs 2013

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    nkprasath
    The document outlines India's income tax slabs for the 2014-15 fiscal year for general taxpayers and women. It establishes tax rates of 0%, 10%, 20%, and 30% for income brackets of up to Rs. 2,00,000, Rs. 2,00,001 to 5,00,000, Rs. 5,00,001 to 10,00,000, and over Rs. 10,00,000 respectively. It also provides a Rs. 2,000 tax rebate for those earning below Rs. 5 lakhs and adds a 3% education cess on tax deducted. Three illustrations calculate the annual tax payable for incomes of Rs. 4,00,000, Rs. 6,

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    India Income Tax Slabs 2013

    Uploaded by

    nkprasath
    14 views1 page
    The document outlines India's income tax slabs for the 2014-15 fiscal year for general taxpayers and women. It establishes tax rates of 0%, 10%, 20%, and 30% for income brackets of up to Rs. 2,00,000, Rs. 2,00,001 to 5,00,000, Rs. 5,00,001 to 10,00,000, and over Rs. 10,00,000 respectively. It also provides a Rs. 2,000 tax rebate for those earning below Rs. 5 lakhs and adds a 3% education cess on tax deducted. Three illustrations calculate the annual tax payable for incomes of Rs. 4,00,000, Rs. 6,

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    The document outlines India's income tax slabs for the 2014-15 fiscal year for general taxpayers and women. It establishes tax rates of 0%, 10%, 20%, and 30% for income brackets of up to Rs. 2,00,000, Rs. 2,00,001 to 5,00,000, Rs. 5,00,001 to 10,00,000, and over Rs. 10,00,000 respectively. It also provides a Rs. 2,000 tax rebate for those earning below Rs. 5 lakhs and adds a 3% education cess on tax deducted. Three illustrations calculate the annual tax payable for incomes of Rs. 4,00,000, Rs. 6,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views1 page

    India Income Tax Slabs 2013

    Uploaded by

    nkprasath
    The document outlines India's income tax slabs for the 2014-15 fiscal year for general taxpayers and women. It establishes tax rates of 0%, 10%, 20%, and 30% for income brackets of up to Rs. 2,00,000, Rs. 2,00,001 to 5,00,000, Rs. 5,00,001 to 10,00,000, and over Rs. 10,00,000 respectively. It also provides a Rs. 2,000 tax rebate for those earning below Rs. 5 lakhs and adds a 3% education cess on tax deducted. Three illustrations calculate the annual tax payable for incomes of Rs. 4,00,000, Rs. 6,

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    Income tax slabs for General tax payers and Women for FY 2014-15

    (Subject to change depending on Union budget to be announced after General Elections)



    Income tax slab (in Rs.) Tax
    0 to 2,00,000 No tax
    2,00,001 to 5,00,000 * 10% **
    5,00,001 to 10,00,000 20% **
    Above 10,00,000 30% **

    * Tax rebate of Rs 2,000/= for those, whose taxable income is less than Rs 5.0 L pa
    ** In addition, there will be education cess of 3% on the TDS amount payable

    Illustration 1
    Employee A Taxable income of Rs 4,00,000/= (Rupees Four Lakhs only) per annum

    Tax calculation will be as follows :

    Upto Rs 2,00,000/= NIL Tax
    2,00,001 to 4,00,000/= 10% Tax, which is Rs 20,000/= per annum
    (-) Tax rebate of Rs 2,000/= per annum for this category

    Hence, total tax deduction (TDS) will be Rs 18,000/= + 3% Cess of Rs 540/=, totalling to Rs.18,540/=
    per annum for employee A.

    Illustration 2
    Employee B Taxable income of Rs 6,00,000/= (Rupees Six Lakhs only) per annum

    Tax calculation will be as follows :

    Upto Rs 2,00,000/= NIL Tax
    2,00,001 to 5,00,000/= 10% Tax, which is Rs 30,000/= per annum
    5,00,001 to 6,00,000/= 20% Tax, which is Rs 20,000/= per annum

    Hence, total tax deduction (TDS) will be Rs 50,000/= + 3% Cess of Rs 1,500/=, totalling to Rs 51,500/=
    per annum for employee B.

    Illustration 3
    Employee C Taxable income of Rs 11,00,000/= (Rupees Eleven Lakhs only) per annum

    Tax calculation will be as follows :

    Upto Rs 2,00,000/= NIL Tax
    2,00,001 to 5,00,000/= 10% Tax, which is Rs 30,000/= per annum
    5,00,001 to 10,00,000/= 20% Tax, which is Rs 1,00,000/= per annum
    10,00,001 to 11,00,000/= 30% Tax, which is Rs 30,000/= per annum

    Hence, total tax deduction (TDS) will be Rs 1,60,000/= + 3% Cess of Rs 4,800/=, totalling to
    Rs.1,64,800/= per annum for employee C.
    * * * * *

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