UNION BUDGET 2013 - 14: NEW INCOME TAX RATES.!


There is no change in Income Tax rates, slabs at all.

No change in exemption limit .

Only Income Tax rebate of Rs. 2, 000 has been allowed for Income tax slabs between Rs. 2 lakh to Rs. 5 lakh.

So, any one's income is more than Rs. 5,00,000 and less than Rs.1 crore then no tax rate change for you .

Income is more 10 per cent surcharge has been imposed on income tax more than Rs. 1 crore .

The tax rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or / an amount of  Rs. 2,000, whichever is less.

Consequently any individual having income up to Rs 2.20 lakh will not be required to pay any tax and every individual having total income above Rs. 2.20 lakh but not exceeding Rs. 5 lakh  shall get a tax relief of Rs. 2,000.

Section 87 has also been consequentially amended.


Share:

No comments:

Post a Comment

Popular Posts

Blog Archive

Recent Posts

Featured Post

Investors who have held these 13 stocks over the past 5 years have only incurred losses.

Investors who have held these 13 stocks over the past five years have only incurred losses. 🔻Yes Bank -72.9% 🔻Bandhan Bank -68.6% 🔻Rajesh...