Thursday 13 March 2014

INCOME TAX RATES IN INDIA

TAX RATES
ASSESSMENT YEAR 2014-15
      For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during April 1, 1934 and March 31, 1954)—

Net income range
Income-tax 
rates
Sur-
charge
Education 
cess
Secondary
 and 
higher
 education
cess
Up to
 Rs. 2,50,000
Nil
Nil
Nil
Nil
Rs. 2,50,000 –
 Rs. 5,00,000
10% of (total income 
minus Rs. 2,50,000)
 [see Note 1]
Nil
2% of 
income-
tax
1% of
 income-tax
Rs. 5,00,000 – 
Rs. 10,00,000
Rs. 25,000 + 20% 
of (total income
 minus Rs. 5,00,000)
Nil
2% of
 income-
tax
1% of
 income-tax
Rs. 10,00,000 – 
Rs. 1,00,00,000
Rs. 1,25,000 +
 30% of (total income
 minus Rs. 10,00,000)
Nil
2% of
 income-
tax
1% of
 income-tax
Above 
Rs.1,00,00,000
Rs. 28,25,000 + 
30% of (total income minus
Rs.1,00,00,000)
10% 
of income-
tax
2% of
 income-
tax and surcharge
1% of
 income-tax and 
surcharge

ASSESSMENT YEAR 2013-14

FOR A RESIDENT SENIOR CITIZEN (WHO IS 60 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR BUT NOT MORE THAN 80 YEARS ON THE LAST DAY OF THE PREVIOUS YEAR, i.e., BORN DURING APRIL 1, 1933 AND MARCH 31, 1953)—
Net income
 range
Income-tax
 rates
Education
 cess
Secondary
 and higher
 education
 cess
Up to Rs. 2,50,000
Nil
Nil
Nil
Rs. 2,50,000 –
 Rs. 5,00,000
10% of
(total income
 minus Rs. 2,50,000)
2% of
 income-tax
1% of
income-tax
Rs. 5,00,000 –
 Rs. 10,00,000
Rs. 25,000
 + 20% of
(total income 
minus Rs. 5,00,000)
2% of
 income-tax
1% of
 income-tax
Above
 Rs. 10,00,000
Rs. 1,25,000
 + 30% of
(total income
 minus Rs. 10,00,000)
2% of
 income-tax
1% of
 income-tax


TAX RATES
ASSESSMENT YEAR 2014-15
·          For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1934)—

Net
 income range
Income-tax
 rates‡
Sur-charge
Education
 cess
Secondary and higher education
 Cess
Up to Rs. 5,00,000
Nil
Nil
Nil
Nil
Rs. 5,00,000 – Rs. 10,00,000
20% of (total income minus
 Rs. 5,00,000)
Nil
2% of income-tax
1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000
Rs. 1,00,000 + 30% of (total income minus
 Rs. 10,00,000)
Nil
2% of income-tax
1% of income-tax
Above Rs. 1,00,00,000
Rs. 28,00,000 + 30% of (total income minus
 Rs. 1,00,00,000)
10% of income-tax
2% of income-tax and surcharge
1% of income-tax and surcharge



ASSESSMENT YEAR 2013-14
FOR A RESIDENT SUPER SENIOR CITIZEN (WHO IS 80 YEARS OR MORE AT ANY TIME DURING THE PREVIOUS YEAR, i.e., BORN BEFORE
      APRIL 1, 1933)—


Net income range
Income-tax rates
Education cess
Secondary 
and higher education 
cess
Up to Rs. 5,00,000
Nil
Nil
Nil
Rs. 5,00,000 - 10,00,000
Rs. 20% of (total income minus Rs. 5,00,000)
2% of income-tax
1% of income-tax
Above Rs. 10,00,000
Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)
2% of income-tax
1% of income-tax


TAX RATES
ASSESSMENT YEAR 2014-15
   For any other resident individual  (born on or after April 1, 1954), 
      any   non-resident individual,every   HUF/AOP/BOI/artificial / juridical person—


Net
 income
range
Income-tax
 rates
Sur-
charge
Education
cess
Secondary and 
higher education
 cess
Up to Rs. 2,00,000

Nil

Nil
Nil
Nil
Rs. 2,00,000 – Rs. 5,00,000
10% of (total income minus
 Rs. 2,00,000) [see Note 1]
Nil
2% of income-tax
1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000
Rs. 30,000 + 20% of (total income minus
 Rs. 5,00,000)
Nil
2% of income-tax
1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000
Rs. 1,30,000 + 30% of (total income minus
Rs. 10,00,000)
Nil
2% of income-tax
1% of income-tax
Above Rs. 1,00,00,000
Rs. 28,30,000 + 30% of (total income minus
Rs. 1,00,00,000)
10% of income-tax [see Note 2]
2% of income-tax and surcharge
1% of income-tax and surcharge

Notes :
   1.  Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.
   2.  Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income ofRs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).
   3.  Education cess - It is 2 per cent of income-tax and surcharge.
   4.  Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.
·          Alternate minimum tax -(+ Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC
             

ASSESSMENT YEAR 2013-14
 FOR ANY OTHER INDIVIDUAL (BORN ON OR AFTER APRIL 1, 1953), EVERY HUF/AOP/BOI/ARTIFICIAL JURIDICAL PERSON—


Net income range
Income-tax rates
Education cess
Secondary 
and higher education 
cess
Up to Rs. 2,00,000
Nil
Nil
Nil
Rs. 2,00,000 - 5,00,000
Rs. 10% of (total income minus Rs. 2,00,000)
2% of income-tax
1% of income-tax
Rs. 5,00,000 - Rs. 10,00,000
           
Above Rs. 10,00,000
Rs. 30,000 + 20% of (total income minus Rs. 5,00,000)
                       
Rs. 1,30,000 + 30% of (total income minus Rs. 10,00,000)
2% of income-tax



                  
2% of income-tax
1% of income-tax



            
1% of income-tax



           

       Notes :
       1. Surcharge Nil
       2. Education cess - It is 2 per cent of income-tax.
       3. Secondary and higher education cess - It is 1 per cent of
            income-tax.
              • Alternate minimum tax - For the assessment year 2013-14,
               tax payable by an  individual cannot be  les than 18.5 
               per cent (+EC + SHEC, effective rate 19.055 per cent) 
              of "adjusted   total income" as per section 115JC.

Saturday 8 March 2014

New Rates of Interest for GPF &CPF for the year 2014-15

The new rate of interest for General provident fund (GPF) and Contributory provident fund (CPF) for the financial year 2014-15 has been fixed at 8.7%  by Ministry of Finance, Govt. Of India.


Copy of circular:

Friday 7 March 2014

Declaration of 10% DA w.e.f. 1st January 2014 and 7th pay commission for Central Govt. Employees.

Central government of India has declard increase in the rate of dearness allowance @10% of basic pay w.e.f. 1St January 2014. ALSO declaration of 7th pay commission has been made which would benefit over 50 Lakh central government employees and 30 Lakh pensioners. The state Govts. have yet to declare the revised DA and perhaps it would be declard only after Loksabha  general elections scheduled to be held during April-May 2014 as due to imposition of Model code of conduct, declaration of DA may not be made by state Govrnments , immediately. Till then, State government employes and semi government employees will have to wait in wage hike due to increase in D.A. rates.

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