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.