Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. The Income tax rates and slabs applicable for the financial year 2013-14 are same as it was during financial year 2012-13, except the two major changes which was given below:-
(1) In the Finance Act, 2013 section 87A of the Income Tax act, 1961 provide a additional rebate of Rs. 2000/- will be given to the individual tax payer whose total does not exceed Rs 5 lakhs. It means we say that a benefit of Rs. 2000/- tax credit has been given to persons having an annual income upto Rs. 5 lakh.
(2) There is a surcharge of 10% on persons whose taxable income exceeds Rs 1 crore per year. This will apply to individuals, HUFs, firms and entities with similar tax status.
(3) Education Cess : 3% of the total of Income Tax and Surcharge.
The Income Tax Rates and Slabs applicable for the Financial year 2013-14 or for Assessment year 2014-15 are given below:-
New Income tax slab for FY 2013-14 / AY 2014-15 | ||
| For Resident Senior Citizens >60 years <80 years (FY 2013-14) | ||
| S. No. | Income Range | Tax Rates |
| 1 | Upto Rs 2,50,000 | No tax / exempt |
| 2 | 2,50,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |
| For Resident Senior Citizens above 80 years (FY 2013-14) | ||
| S. No. | Income Range | Tax Rates |
| 1 | Upto Rs 5,00,000 | No tax / exempt |
| 2 | 5,00,001 to 10,00,000 | 20% |
| 3 | Above 10,00,000 | 30% |
| For Resident Women, Men & Others (below 60 years) (FY 2013-14) | ||
| 1 | Upto Rs 2,00,000 | No tax / exempt |
| 2 | 2,00,001 to 5,00,000 | 10% |
| 3 | 5,00,001 to 10,00,000 | 20% |
| 4 | Above 10,00,000 | 30% |