Tax Calculator for Financial Year 2013-14

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02-May-2013

Rates of income-tax in case of Individual and HUF
 
1)  Individuals, HUFs, AOP & BOI
  
a)  An Individual who is of the age of less than 60 years and HUF
 
Total Income Level / Slabs
 Income Tax Rate
Income upto Rs. 2,00,000
Nil
Income exceeding Rs. 2,00,000 but less than Rs. 5,00,000
10% of amount by which the total income exceeds Rs. 2,00,000
Income exceeding Rs. 5,00,000 but less than Rs. 10,00,000.
Rs. 30,000 + 20% of the amount by which the total income exceeds Rs. 5,00,000.
Income exceeding Rs. 10,00,000.
Rs. 130,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000.
Education Cess: Income-tax as computed above will be increased by education cess of 2% and secondary & higher education cess of 1%.
 
Relief under Section 87A:
An Individual assessee is entitled to claim relief under Section 87A if following conditions are satisfied:
a)  Such individual is resident in India (Ordinarily or Not-ordinarily);
b)  The total income (gross total income less deductions under Chapter VIA) of such individual does not exceed Rs. 5,00,000
The relief available under this section shall be lower of following:
1)  Rs. 2,000; or
2)  100% of tax payable on total income.
 
b)  An Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year
Total Income Level / Slabs
Income Tax Rate
Income upto Rs. 2,50,000
Nil
Income exceeding Rs. 2,50,000 but less than Rs. 5,00,000
10% of the amount by which the total income exceeds Rs. 2,50,000.
Income exceeding Rs. 5,00,000 but less than Rs. 10,00,000.
Rs. 25,000 + 20% of the amount by which the total income exceeds Rs. 5,00,00.
Income exceeding Rs. 10,00,000.
Rs. 125,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000.
Education Cess: Income-tax as computed above will be increased by education cess of 2% and secondary & higher education cess of 1%.
  
c)  An Individual resident who is of the age of 80 years or more at any time during the previous year
 
Total Income Level / Slabs
 Income Tax Rate
Income upto Rs. 5,00,000
Nil
Income exceeding Rs. 5,00,000 but less than Rs. 10,00,000.
20% of the amount by which the total income exceeds Rs. 5,00,000.
Income exceeding Rs. 10,00,000.
Rs. 100,000 + 30% of the amount by which the total income exceeds Rs. 10,00,000.
Education Cess: Income-tax as computed above will be increased by education cess of 2% and secondary & higher education cess of 1%.
  
2)  Co-operative Society
 
Total Income Level / Slabs
Income Tax Rate
Income upto Rs. 10,000
10% of the income.
Income exceeding Rs. 10,000 but less than Rs. 20,000.
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
Income exceeding Rs. 20,000.
Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.
a)  Surcharge: Nil
b)  Education Cess: Income-tax as computed above will be increased by education cess of 2% and secondary & higher education cess of 1%.
 
 3)  Firm
a)  Income-tax: 30% of total income.
b)  Surcharge: Nil
c)  Education Cess: 3% of Income-tax.
 
4)  Local Authority
a)  Income-tax: 30% of total income.
b)  Surcharge: Nil
c)  Education Cess: 3% of Income-tax.
 
5)  Domestic Company
a)  Income-tax: 30% of total income.
b)  Surcharge: The amount of income tax shall be increased by a surcharge at the rate of 5%, provided that the total income exceeds Rs. 1 crore.
c)  Education Cess: 3% of aggregate of Income-tax and Surcharge.
  
6)  Foreign Company
a)  Income-tax: 40% of total income.
b)  Surcharge: The amount of income tax shall be increased by a surcharge at the rate of 2%, provided that the total income exceeds Rs. 1 crore.
c)   Education Cess: 3% of aggregate of Income-tax and Surcharge.
 
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