Finance minister proposed a 16% rise in public spending on Thursday in his annual budget as he sought to balance demands for pre-election spending with alarm over the public deficit. It is very disappointing. The tax slab should be appropriately raised for more domestic saving and expenditure without which demand cannot be increased. Further 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 budget has many expenditure proposals without balancing it with income. 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.
Rates of tax
A. Normal Rates of tax:
Rates of tax
A. Normal Rates of tax:
Sl.
No.
|
Total
Income
|
Rate
of tax
|
1
|
Where the total income does not
exceed Rs. 2,20,000/-.
|
Nil
|
2
|
Where the total income exceeds Rs.
2,20,000 but does not exceed Rs. 5,00,000/-.
|
10 per cent of the amount by which
the total income exceeds Rs. 2,02,000/-
|
3
|
Where the total income exceeds Rs.
5,00,000/- but does not exceed Rs. 10,00,000/-.
|
Rs. 28,000/- plus 20 per
cent of the amount by which the total income exceeds Rs. 5,00,000/-.
|
4
|
Where the total income exceeds Rs.
10,00,000/-.
|
Rs. 1,28,000/- plus 30 per
cent of the amount by which the total income exceeds Rs. 10,00,000/-
|
B. Rates
of tax for every individual, resident in India, who is of the age of sixty
years or more but less than eighty years at any time during the financial year:
Sl.
No
|
Total
Income
|
Rate
of tax
|
1
|
Where the total income does not
exceed Rs. 2,50,000/-.
|
Nil
|
2
|
Where the total income exceeds Rs.
2,50,000 but does not exceed Rs. 5,00,000/-.
|
10 per cent of the amount by which
the total income exceeds Rs. 2,50,000/-
|
3
|
Where the total income exceeds Rs.
5,00,000/- but does not exceed Rs. 10,00,000/-.
|
Rs. 25,000/- plus 20 per
cent of the amount by which the total income exceeds Rs. 5,00,000/-.
|
4
|
Where the total income exceeds Rs.
10,00,000/-.
|
Rs. 1,25,000/- plus 30 per
cent of the amount by which the total income exceeds Rs. 10,00,000/-
|
C. In
case of every individual being a resident in India, who is of the age of eighty
years or more at any time during the financial year:
Sl.
No
|
Total
Income
|
Rate
of tax
|
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 per cent of the amount by which
the total income exceeds Rs. 5,00,000/-
|
3
|
Where the total income exceeds Rs.
10,00,000/-.
|
Rs. 1,00,000/- plus 30 per
cent of the amount by which the total income exceeds Rs. 10,00,000/-
|
Surcharge
on Income tax:
Surcharge paid by Tax payee whose income more than Rs. 1 Crore Annually during the Fin. Year 2013-14 (AY 2014-15).
Education
Cess on Income tax:
The amount of income-tax shall be
increased by Education Cess on Income Tax at the rate of two per cent of the
income-tax.
Secondary
and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards,
an additional surcharge is chargeable at the rate of one per cent of income-tax
(not including the Education Cess on income-tax).
Education Cess, and Secondary and
Higher Education Cess are payable by both resident and nonresident assessees.
Download TAX Calculator for A.Y. 2014-15
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
| Sl. No. | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 2,00,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
B. Rates of tax for every individual, resident in
India, who is of the age of sixty years or more but less than eighty
years at any time during the financial year:
| Sl. No | Total Income | Rate of tax |
| 1 | Where the total income does not exceed Rs. 2,50,000/-. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
C. In case of every individual being a resident in
India, who is of the age of eighty years or more at any time during the
financial year:
| Sl. No | Total Income | Rate of tax |
| 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 per cent of the amount by which the total income exceeds Rs. 5,00,000/- |
| 3 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional
surcharge is chargeable at the rate of one per cent of income-tax (not
including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf