Computation of Income tax for Individuals and HUFs for the Assessment Year 2014-15 (FY 2013-14)

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A. Individuals and HUFs

In case of individual (other than II, III and IV below) and HUF:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.200,000/-. NIL
ii. Where the total income exceeds Rs.2,00,000/- but does not exceed Rs.5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,00,000/-
Less - Proposed of Rs. 2000/- tax credit for tax payers in tax bracket of Rs. 2-5 lakh
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/-. Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 10% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax.

II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.2,00,000/-. NIL
ii. Where 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/-.
Less - Proposed of Rs. 2000/- tax credit for tax payers in tax bracket of Rs. 2-5 lakh
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. Rs. 30,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/- Rs.130,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 10% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax.

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.2,50,000/-. NIL
ii. 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/-.
Less - Proposed of Rs. 2000/- tax credit for tax payers in tax bracket of Rs. 2-5 lakh
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/- Rs.125,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 10% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax.

IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.5,00,000/-. NIL
ii. 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/-.
iv. Where the total income exceeds Rs.10,00,000/- Rs.100,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 10% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax. Calculations Made Easy Calculator



Budget 2013 Highlights

Following are highlights of the Budget:

FISCAL DEFICIT

BORROWING

SUBSIDIES

GROWTH

SPENDING

REVENUE

CURRENT ACCOUNT DEFICIT

INFLATION

TAX

CORPORATE SECTOR AND MARKETS

POWER AND ENERGY SECTOR

FOREIGN TRADE

BANKING

DEFENCE

AGRICULTURE