Applicable Income Tax slab rates for the financial year 2013 and 14
The Union Finance Minister Mr. P Chidambaram has not made any changes in the Income Tax Slab rates in the Union Budget 2013 -14. He has produced the slab rates unchanged and made some relief to the tax payers who lies between 2-5 lakh slab rates. An amount of Rs. 2,000 will be given as Rebate u/s 87A of Income Tax Act, 1961.
Individual (Below 60 Years) and HUF
| SI.No. | INCOME SLAB (p.a) | INCOME TAX RATE |
| i. | Amount upto 2,00,000 | NIL |
| ii. | 2,00,001 to 5,00,000 | 10% on Net Taxable Income |
| iii. | 5,00,001 to 10,00,000 | 10% on Slab ii + 20% on Net Taxable Income |
| iv. | 10,00,001 and above | 10% on Slab ii + 20% on Slab iii + 30% on Net Taxable Income |
Senior Citizens (Between 60 and 79 Years)
| SI.No. | INCOME SLAB (per annum) | INCOME TAX RATE |
| i. | Amount upto 2,50,000 | NIL |
| ii. | 2,50,001 to 5,00,000 | 10% on Net Taxable Income |
| iii. | 5,00,001 to 10,00,000 | 10% on Slab ii + 20% on Net Taxable Income |
| iv. | 10,00,001 and above | 10% on Slab ii + 20% on Slab iii + 30% on Net Taxable Income |
Very Senior Citizens (Between 60 and 79 Years)
| SI.No. | INCOME SLAB (per annum) | INCOME TAX RATE |
| i. | Amount upto 5,00,000 | NIL |
| ii. | 5,00,001 to 10,00,000 | 20% on Net Taxable Income |
| iii. | 10,00,001 and above | 20% on Slab ii + 30% on Net Taxable Income |
For Illustration about the Tax Calculation visit 2012-13 Tax Slab rate.
