Income Tax Slab for Asstt. Year. 2014-15, Tax & TDS Calculator for All Employee Free Download.

It is very disappointing Union Budget-2013 for Salaried Employee announced by Finance Minister yesterday. The tax slab should be appropriately raised for more domestic saving and expenditure without which demand cannot be increased. Further Finance Minister told that the tax relief is increased only in respect of housing loan interest in cases of loans during the financial year 2013-14 and that too for fresh loans. Besides the yesterday budget-2013 has many expenditure proposals without balancing it with income. Therefore a question is arrise in this regard that Why no income tax relief to common man? who is looking after his old parents, wife and two children, inspite that every common man is paying taxes to Government on every product?

By this budget-13 announced by Finance Minister that no revision in Income tax structure for the year 2013-14 (Assessment year 2014-15), the income tax structure for the year 2012-13 to continue which given below:

I. In case of individual (other than II and III below) and HUF
*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

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:

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

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

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

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

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

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Form 16 (Click Here)
  • Education Cess: 3% of the Income-tax.
  • New Rs 50,000 tax exemption for retail equity investments
  • Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
  • Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
  • Surcharge of 10% on income more than Rs. 1 crore
  • Tax credit of Rs.2000 for annual income of Rs. 5 lakh
  • Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs
  • Rajiv Gandhi Equity Savings Scheme extended to mutual funds.
  • Rajiv Gandhi Equity Savings Scheme to be liberlised.
  • Rajiv Gandhi Equity Savings Scheme limit increased.

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