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Income Tax Rate for FY 2013 - 2014
When calculating the income tax liability each year, the first and foremost aspect which comes across one’s mind is the tax slabs. In this year’s annual budget, the government has not brought about great relief for the common man by keeping these tax slabs same as the previous years. Here is a look into the slabs for the current financial year to help you prepare your investments and income, and to be able to file your tax returns accurately in the following assessment year.
Basic Tax Jargons
Financial Year, Assessment Year and Previous Year, do these commonly used income tax jargons often confuse you? This is what they mean.
- Financial Year (FY) – Duration of one year between 1st April to 31st March of the following year, in which all financial information are reported. The current financial year is 1st April 2013 to 31st March 2014.
- Assessment Year (AY) – The income of a particular financial year is assessed in the following financial year, which is known as the assessment year. For the current financial year, income will be assessed in the assessment year 2014-2015.
- Previous Year (PY) – The financial year preceding the assessment year, the income of which is assessed in the following assessment year. Assessment year 2014-2015 will assess income for previous year 2013-2014.
Income Tax Slabs
With no change in the tax slabs, there would not be any greater savings for the consumers. Basic tax exemption limits have been retained; however, the brackets have been broadened. Below are the income tax slabs and rates applicable for the current financial year 2013-14 and assessment year 2014-15.
Tax Slabs for Male/Female Assessee (less than 60 years)
| Income : up to 2 lakhs | No Tax | ||
| Income : 2 lakhs to 5 lakhs | 10 % | ||
| Income : 5 lakhs to 10 lakhs | 20 % | ||
| Income : above 10 lakhs | 30 % | ||
Tax Slabs for Senior Citizen (60 to 80 years)
| Income : up to 2.5 lakhs | No Tax | ||
| Income : 2.5 lakhs to 5 lakhs | 10 % | ||
| Income : 5 lakhs to 10 lakhs | 20 % | ||
| Income : above 10 lakhs | 30 % | ||
Tax slabs for Super Senior Citizen (> 80 years)
| Income : up to 5 lakhs | No Tax | ||
| Income : 5 lakhs to 10 lakhs | 20 % | ||
| Income : above 10 lakhs | 30 % | ||
However, the government has introduced a tax credit of Rs 2,000 for people with an income up to Rs 5,00,000.
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