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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
In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15  are mentioned below:
New Income tax slab for fy 2013-14 / ay 2014-15
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2013-14)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 10,00,00020%
3Above 10,00,00030%
New Income Tax Slabs for ay 14-15 for Resident Women (below 60 years) (FY 2013-14)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for ay 14-15 for Others & Men (FY 2013-14)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
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
Older Income tax rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:
Income tax slab for fy 2012-13 / ay 2013-14
Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13)
S. No.Income RangeTax percentage
1Up to Rs 2,50,000No tax / exempt
22,50,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13)
S. No.Income RangeTax percentage
1Up to Rs 5,00,000No tax / exempt
25,00,001 to 10,00,00020%
3Above 10,00,00030%
New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13)
1Up to Rs 2,00,000No tax / exempt
22,00,001 to 5,00,00010%
35,00,001 to 10,00,00020%
4Above 10,00,00030%
For normal category the simple calculation is as follows
  • Taxable Income in 10% slab maximum tax will be Rs  30000
  • Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000
  • Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000
Education and other cess will be in addition to this.

Post a Comment

  1. pls correct the heading of the table

    ReplyDelete
    Replies
    1. what is wrong in heading please suggest.

      Delete
    2. ih heading AY and FY are same

      Delete
  2. There is nothing wrong

    ReplyDelete
  3. what are the slab rates for resident man???

    ReplyDelete
    Replies
    1. The above slabs are for resident persons.

      Delete
  4. there is 1st table 1st heading is wrong.. other wise so many thanks for information.

    ReplyDelete
  5. MY SALARY RS IS 600000 BEFORE DEDUCTIONS CAN I GET 2000 TAX BENEFIT

    ReplyDelete
    Replies
    1. NO, YOU CAN NOT GET THE EXTRA DEDUCTION OF RS. 2000 BECAUSE IT IS APPLICABLE UPTO RS. 500000 INCOME.

      Delete
    2. please read details here http://laqsh.blogspot.in/2013/08/are-you-eligible-for-income-tax-credit.html

      CA Mayuri Joshi
      fb.com/camayurijoshi

      Delete
  6. how to get the tax credit of Rs. 2000 any condtions to be fulfilled for that

    ReplyDelete
    Replies
    1. please read details here http://laqsh.blogspot.in/2013/08/are-you-eligible-for-income-tax-credit.html

      Delete
  7. In the main heading either write F.Yrs or write A.Yrs. You have written F.Y.13-14/ A.Y.13-14 which is obviously wrong.

    ReplyDelete
  8. Do you need an Online Calculator to check Income Tax Online?

    Here is one I just made it: http://wbxpress.com/income-tax-calculator/

    ReplyDelete
  9. Instead of "Tax" you have mentioned Total taxable income in 10 % slab is 28000 ,etc..
    Please correct them to read as Total Tax

    ReplyDelete
    Replies
    1. Please read carefully.

      Delete
  10. is applicabie for ca exam nov 2013

    ReplyDelete
  11. is applicabie for ca exam nov 2013

    ReplyDelete
  12. Good information... useful to all employees and individuals in India who come under income Tax . one more site also with full information of income tax fy 2013-14 is AP Teachers

    ReplyDelete
  13. MY GROSS INCOME IS 5,80,000, WHAT I AM ENTILE TO REBATE 2000 TAX AFTER I HAVING SAVING 100,000 KINDLY TOLD ME

    ReplyDelete
  14. after one lakh saving under 80c may gross income 4,80,000. what i a entile to 2000/- tax rebate in 2013-14 (FY)

    ReplyDelete
  15. No, your gross total income is above than 5 lacs, so you do not take benefit of rebate of 2000 Rs.

    ReplyDelete
  16. All deduction i want to see

    ReplyDelete
  17. What are the slab rates for physically disabled persons

    ReplyDelete
    Replies
    1. For more info on section Please read this article

      http://tallyssolution.blogspot.in/2013/11/section-80u.html

      Delete
  18. there is no any special deductionfor disable person. Rs. 50000 will be claimed under section 80U

    ReplyDelete
  19. Thank you for info. Plz inform about NRI

    ReplyDelete
  20. Hello... my package is 4.5L PA.. I heard that the tax exemption has been raised from 2Lakhs to 5Lakhs a year. Is it true.. Am i exempted from Tax - Axe...

    ReplyDelete
    Replies
    1. No its not true, Tax Slab is still applicable from above Rs. 2 lacs income. For more information please read above article.

      Delete
  21. tax exemption on infrastructure bonds of Rs 20000 still available in Fy 13-14 & 14-15, pl confirm.

    ReplyDelete
  22. Only your site informs about Tax Credit of RS. 2000 on income upto rs 5 lac. Thanks.

    ReplyDelete
  23. is there any special tax rebate for salaried women's for A.Y.14_15?

    ReplyDelete
  24. No, Slab rate as per mention above as applicable

    ReplyDelete
  25. I have made donation for the tragic Uttarakhand natural calamity. Can I claim relief at the time of calculation of tax or at the time of return filing ?

    ReplyDelete
  26. Dear Pratha

    Read this article carefully
    http://tallyssolution.blogspot.in/2013/11/section-80g.html

    ReplyDelete

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