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Income Tax Slab India 2013-14

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Income Tax Slab: New Tax Slab for 2013-14 are as below

 

A. Income Tax Slab India New 2013 -14  for General Tax Payers

                                                                                                        

Income Tax Slab (in Rs.)

Tax

Up to Rs. 2.2 Lakh

No tax

Rs. 2.2 Lakh to 5 Lakh

10% Minus Rs. 2000*

Rs. 5 Lakh to10 Lakh

20.60%

Rs. 10 Lakh to 1 Crore

30.90%

Rs. 1 Crore and Above 33.99%
 
*With additional surcharge of 2% of Tax Liability as education cess
and 1% as secondary and higher education cess
 
 
 
B. Income Tax Slab New 2013 -14 for Women 
 

Income Tax Slab (in Rs.)

Tax

Rs. 0 to 200,000

No tax

Rs. 200,001 to 5,00,000

10%

Rs. 5,00,001 to 10,00,000

20%

Above 10,00,000

30%

 

Union Budget 2013 Impact

C. Income Tax Slab New 2013 -14 for Senior Citizens: Age between 60 Yrs - 80 Yrs 

Income Tax Slab (in Rs.)

Tax

Rs. 0 to 2,50,000

Nil

Rs. 2,50,001 to 5,00,000

10 %

Rs. 5,00,001 to 10,00,000

20 %

Above 10,00,000

30 %

 

 

C1. Income Tax Slab New 2013 -14 for Senior Citizens: Above 80 Yrs

Income Tax Slab (in Rs.)

Tax

Rs. 0 to 500,000

Nil

Rs. 5,00,001 to 10,00,000

20 %

Above 10,00,000

30 %

 

 

 

Today, every person is worried about saving income tax, by making the right tax saving investment within the last 2 months of the financial year. As per the income tax act established in 1961, every person in India whose annual income crosses the maximum exemption limit will have to pay income tax. Every person has to pay income tax to state and central government.

 

There are two types of income tax:

  • Direct Tax: Direct tax is a tax that is directly collected from the tax payer. For instance: wealth tax, income tax etc.
  • Indirect Tax: Indirect tax is paid by the third party i.e. VAT tax, service tax. Service tax is mainly charged to the individual. For example, if an item price is Rs 150, then its last price would be Rs 110 after VAT and this extra price of Rs10 will be paid by the individual person.

 

Tips to save your tax:

1. Insurance: Buy an insurance plan to save income tax.
2. House rent: If you are staying on rent then, you can add the rent to take the rebate on income tax.
3. Travelling expenses: If you are using your own vehicle, then you can show the travelling expenses to take the rebate on income tax.

 

 

 



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