Union Budget 2013 - 14: RATES OF INCOME-TAX..!

RATES OF INCOME-TAX  - Union Budget 2013 - 14
A. Normal Rates of tax:
1.  Where the total income does not exceed Rs. 2,00,000	Nil
2.  Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000	10% of the amount by which the total income exceeds Rs.2,00,000
3.  Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000.	Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
4.  Where the total income exceeds Rs. 10,00,000.	Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.
B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year:
1.  Where the total income does not exceed Rs.2,00,000.	Nil
2.  Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000.	10%, of the amount by which the total income exceeds Rs. 2,00,000
3.  Where the total income exceeds Rs. 5,00,000 but does not exceed Rs.10,00,000.	Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
4.  Where the total income exceeds Rs. 10,00,000	Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.
C. Rates of tax for an individual, resident in India and of the age of sixty years or more but less than eighty years at any time during the financial year:
1.  Where the total income does not exceed Rs. 2,50,000	Nil
2.  Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10%, of the amount by which the total income exceeds Rs. 2,50,000
3.  Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000	Rs. 25,000 plus 20% of the amount by which the total income exceeds Rs.5,00,000
4.  Where the total income exceeds Rs. 10,00,000	Rs.1,25,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000
D. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
1.  Where the total income does not exceed Rs. 5,00,000	Nil
2.  Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the amount by which the total income exceeds Rs. 5,00,000
3.  Where the total income exceeds Rs.10,00,000	Rs. 1,00,000 plus 30% of the amount by which the total income exceeds Rs.10,00,000
1. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13).
2. Cess :3 %
3. 10 % surcharge applicable on income more than Rs. 1 crore
4:Rs. 2.000 rebate for Income up to Rs.5 lakh-

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