Showing posts from February, 2014

Income Tax FY 2013-14 for salaried persons

Income Tax FY 2013-14 for salaried persons ASSESSMENT YEAR 2014-2015 RELEVANT TO FINANCIAL YEAR 2013-2014 1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP Income Slabs Tax Rates Total income up to Rs. 2 Lac 0% Tax Total income above Rs. 2 Lac and below Rs.5 Lac 10% on amount exceeding Rs. 2 Lac Total income above Rs. 5 Lac and below Rs.10 Lac 20% on Income exceeding Rs. 5 Lac + Rs. 30,000 Total income more than Rs. 10 Lac 30% on Income exceeding Rs. 10 Lac + Rs. 1,30,000 * u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable 2. Tax Slab for an Individual (resident & above 60 years but below 80 years)