Thursday, July 9, 2020
Finance

INCOME TAX EXEMPTION LIMIT- 2013-14

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2,00,001 to Rs. 5, 00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Women :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2, 00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Senior Citizen :-
Earlier over the age of 65 years, now 60 to 80 years
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20
Above Rs. 10,00,000 30%
Basic Slabs for 'Very' Senior Citizens :-
New Category- over the age of 80 years
Up to Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
 

Note:

  1. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13).

  2. Education Cess : 3 %

  3. 10 % Surcharge applicable on income more than One Crore.

  4. Rs 2000 rebate for Income up to Rs 5,00,000/-