Income Tax Slabs Financial Year 2013-2014

incometaxslabs

Total  number  of tax slabs had been increased from  the current  six to 12. According to officials, the incidence of income tax on middle income group has also been increased.

According to the Finance Bill (2013-14) issued here on Wednesday:

Slab-1

Where the  taxable income  does not exceed Rs 400,000,  the rate  of tax is 0%;

Slab-2

Where the  taxable income  exceeds Rs 400,000 but does not exceed Rs 500,000,  the rate  of tax would be 5% of  the amount  exceeding Rs 400,000;

Slab-3

Where the  taxable income  exceeds Rs 500,000 but does not exceed Rs 800,000,  the rate  of tax would be Rs 5,000 + 7.5% of  the amount  exceeding Rs 500,000;

Slab-4

Where the  taxable income  exceeds Rs 800,000 but does not exceed Rs 1,300,000,  the rate  of tax would be Rs 27,500 + 10% of  the amount  exceeding Rs 800,000;

Slab-5

Where the  taxable income  exceeds Rs 1,300,000 but does not exceed Rs 1,800,000,  the rate  of tax would be Rs 77,500 + 12.5% of  the amount  exceeding Rs 1,300,000;

Slab-6

Where the  taxable income  exceeds Rs 1,800,000 but does not exceed Rs 2,200,000,  the rate  of tax would be Rs 140,000 + 15% of  the amount  exceeding Rs 1,800,000;

Slab-7

Where the  taxable income  exceeds Rs 2,200,000 but does not exceed Rs 2,600,000,  the rate  of tax would be Rs 200,000 + 17.5% of  the amount  exceeding Rs 2,200,000;

Slab-8

Where the  taxable income  exceeds Rs 2,600,000 but does not exceed Rs 3,000,000,  the rate  of tax would be Rs 270,000 + 20% of  the amount  exceeding Rs 2,600,000;

Slab-9

Where the  taxable income  exceeds Rs 3,000,000 but does not exceed Rs 3,500,000,  the rate  of tax would be Rs 350,000 + 22.5% of  the amount  exceeding Rs 3,000,000;

Slab-10

Where the  taxable income  exceeds Rs 3,500,000 but does not exceed Rs 4,000,000,  the rate  of tax would be Rs 462,500 + 25% of  the amount  exceeding Rs 3,500,000;

Slab-11

Where the  taxable income  exceeds Rs 4,000,000 but does not exceed Rs 7,000,000,  the rate  of tax would be Rs 587,500 + 27.5% of  the amount  exceeding Rs 4,000,000 and

Slab-12

 

Where the  taxable income  exceeds Rs 7,000,000,  the rate  of tax would be Rs 1,412,500 + 30% of  the amount  exceeding Rs 7,000,000

For  Income Tax calculator  for salaried class year 2014-2015  Click Here

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