Thursday, February 28, 2013

INCOME TAX CALCULATOR FY 2013-14 AFTER BUDGET 2013


on Thursday, February 28, 2013

There is no change in income tax rates,No change in exemption limit, no changes in income tax slabs for individual and HUF .Only  Tax rebate of 2000 Rs has been allowed for Income tax slabs between 2lakh-5lakh. So if your income is more than 500000 and less than 1 crore then no tax rate change for you . Income is more 10 % surcharge has been imposed on income tax more than one crore .

Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh
With a view to provide tax relief to the individual tax payers who are in lower income bracket, it is proposed to provide rebate from the tax payable by an assessee, being an individual resident in India, whose total income does not exceed five lakh rupees.

INCOME TAX RATES CHANGES 13-14
ONE LAKH ADD DED ON HOME LOAN 80EE
BUDGET SPEECH COMPLETE TEXT
BUDGET 2013-14 HIGHLIGHTS

The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of two thousand rupees, whichever is less. Consequently any individual having income up to Rs 2,20,000 will not be required to pay any tax and every individual having total income above Rs. 2,20,000/- but not exceeding Rs. 5,00,000/- shall get a tax relief of Rs. 2000/-.
Section 87 has also been consequentially amended.

we have prepared a small income tax calculator to calculate benefit/loss in changes in income tax rates. In this calculator we have not added the loss due to change in surcharge on income more than one crore.


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  1. Sir Good information,N.K.Sahay,Kadru,RANCHI.

    ReplyDelete
  2. i am working in a constraction firm, turnover 6000000, and purchase of VAT 14.5%-2500000, and VAT 5%-1450000, year of 2011-12, now how can i calculate the sales tax amount and deduct the vat in amount in turnover please give the answare.

    ReplyDelete
  3. DEAR STI, I HV UPLOADED LATEST ST-3 BUT D SAME REJECTED SAYING THAT D PREMISES CODE IS WRONG. WHEN FILLING UP THE DATE, THE PREMISES COLUMN IS SHOWING THAT AFTER UPLOADING THE ST-3 ONLINE, D SAME WILL BE AUTOMATICALLY UPDATED BUT NOT UPDATED AND ST-3 REJECTED. MAY I SUGGEST U TO KINDLY TAKE UP THIS MATTER WITH ACES AUTHORITIES - THANX & REGARDS.
    MOHAMMED HUSSAIN, SERVICE TAX CONSULTANT.

    ReplyDelete
  4. person cutting on contract basis earn rs.236000 expenses 13000 lic & tuition fee deduction13658 intt income 398 whatis his tax liabilitity

    ReplyDelete
  5. 236000-13000=223000 LESS TUITION FESS etc =223000-13658=209342
    saving bank interest dedutible u/s 80TTA upto 10000/-
    taxable income =209342
    tax =934
    cess=028
    total=962

    this is as per ay 2013-14.

    For ay 14-15 No tax payable /due as rebate of 2000 is available u/s 87A
    +

    ReplyDelete