Every Employee watching towards Union Budget-2013 and all are very disappointing with it. Thereafter Salaried Employee want to calculate Tax Liability for Asstt. Year 2014-15 from March-2013. Finance Minister was declared the Income Tax slab for Assessment Year 2014-15. On the basis of current Income Tax Slab salaried employee calculate Income Tax which is deduct from salary of March-13 as TDS.
Calculate your Tax Liability in Financial Year 2013-14
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
- 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.
