Rate of Income Tax – Karnal Branch of NIRC of ICAI | CA Students in Karnal

INCOME TAX RATES / INCOME TAX SLABS FOR AY 2013-14

A. Individuals and HUFs

I. Individual (other than II and III below) and HUF

	INCOME SLABS	INCOME TAX RATES
1.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
2.	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:Tax Credit – 10% of taxable income upto a maximum of Rs. 2000/-.
3.	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/-.
4.	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% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess:3% of the total of Income-tax and Surcharge.

II. Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year

	INCOME SLABS	INCOME TAX RATES
1.	Where the total income does not exceed Rs. 5,00,000/-.	NIL
2.	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/-.
3.	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/-.
4.	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% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess:3% of the total of Income-tax and Surcharge.

III. Individual resident who is of the age of 80 years or more at any time during the previous year

	INCOME SLABS	INCOME TAX RATES
1.	Where the total income does not exceed Rs. 5,00,000/-.	NIL
2.	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/-.
3.	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% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess:3% of the total of Income-tax and Surcharge.

B. Association of Persons (AOP) and Body of Individuals (BOI)

I. Income-tax

	INCOME SLABS	INCOME TAX RATES
1.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
2.	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:Tax Credit – 10% of taxable income upto a maximum of Rs. 2000/-.
3.	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/-.
4.	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% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess:3% of the total of Income-tax and Surcharge.

C. Co-operative Society

I. Income-tax:

	INCOME SLABS	INCOME TAX RATES
1.	Where the total income does not exceed Rs. 10,000/-.	10% of the income.
2.	Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.	Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
3.	Where the total income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

Surcharge:10% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess:3% of the total of Income-tax and Surcharge.

D. Firm

I. Income-tax

30% of total income.

II. Surcharge

10% of the Income Tax, where total taxable income is more than Rs. 1 crore.

III. Education Cess

3% of the total of Income-tax and Surcharge.

E. Local Authority

I. Income-tax:

30% of total income.

II. Surcharge:

10% of the Income Tax, where total taxable income is more than Rs. 1 crore.

III. Education Cess

3% of the total of Income-tax and Surcharge.

F. Domestic Company

I. Income-tax:

30% of total income.

II. Surcharge:

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

$1· At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore.

$1· At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.

III. Education Cess:3% of the total of Income-tax and Surcharge.

G. Company other than a Domestic Company

I. Income-tax:

$1· @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

$1· @ 40% of the balance

II. Surcharge:

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

$1· At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore.

$1· At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

III. Education Cess:3% of the total of Income-tax and Surcharge.