Income
Tax Slab Rate for Year 2013-14(A.Y.) and Income Tax Rates for F.Y. 2013-14 (A.Y
2014-15) are same as budget of 2013 has made no changes in the Income tax slab
rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person
and Companies (including partnership firms and LLP’s).Income Tax Slab
Rates 2012-13(Check Approved List of Investment for Income Tax Deduction under
80C ). Income Tax payer must be aware about the applicable Income Tax slab
rate to him as it will help him to plan his income tax liability and also he
can plan the Income Tax saving strategy in advance. As individual with Total
income of Rs 6 Lakhs can plan the tax saving investment for AY 2014-15 in Year 2013-14 and invest
in tax saving investment options like ELSS Mutual Fund or Provident Fund or
Invest in Rajiv Gandhi Equity Scheme and Save Rs 22000 (20% of Rs 1 Lakhs
plus additional income tax benefit of Rs 2000/- allowed in budget of 2013
available only to person with income of less than Rs 5 lakhs). Also read best
tax saving Mutual Fund for Year 2013 for Tax Planning. Also tax Payer with
higher tax liability has to plan his advance tax payment based on Income tax
rates applicable to him. So its better to plan in advance your saving
strategies and save your money. Read List of Investment which are allowed as
Deduction under Section 80C of the Income Tax Act.
Read How
to Calculate Index Cost of Asset and Cost of Inflation Chart
As per 2013 Budget (Finance Act, 2013) section
87A of the Income Tax Act, 1961 rebate of Rs.2000/- will be given to the
individual tax payer whose total does not exceed Rs 5 lakhs or we can say that
Individual Tax Payer whose total income doesn’t exceed Rs 5 Lakhs is eligible
for deduction of Rs 20000/- from income. Budget of 2013 has levied
the Surcharge of 10 percent on persons (other than companies) whose
taxable income exceed Rs.1 crore to augment revenues. Also government
has increase the dividend distribution tax or tax on distributed
income, current surcharge increased from 5 to 10 percent.
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