INCOME TAX RATES FY 13-14 AFTER BUDGET 2013 DATED 28.02.2013

SHARE:

You will be looking for changes in income Tax rates ,but the news is that there is no change in Income Tax rates ,slabs at all.No change in exemption limit .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 calculator after 2013 

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.


RATES OF INCOME-TAX after Budget 2013 date 28.02.2013
A. Normal Rates 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. 130,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.
B. Rates of tax for a woman, resident in India and below sixty years of age at any time during the financial year:
   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. 130,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.
C. Rates of tax for an individual, resident in India and of the age of sixty years or more but less than eighty years at any time during the financial year:
   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. 125,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-.
D. 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:
   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/-
1. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2011-12 (AY 2012-13).
2. Cess :3 %
3. 10 % surcharge applicable on income more than one crore
4:Rs 2000 rebate for Income up to Rs 500000/-


Others changes


  1. Home loan deduction additional one lakh for loans up to 25 lakh for new houses after 01.04.2013
  2. Securities transaction(STT) tax reduced.
  3. CTT (Commodity transaction Tax) imposed.
  4. Rajiv Gandhi equity scheme available for 2 years more, further income limit increased to 12 lakh.



TAGS:NEW INCOME TAX RATES AFTER BUDGET 2013, NEW INCOME TAX RATES, income tax slabs, INDIVIDUAL HUF TAX RATES, budget 2013, NEW TAX RATES, TAX RATES,RATE CHANGES IN INCOME TAX , CHANGES IN TAX SLABS , INCOME TAX RATE CHANGES ,CHANGES IN INCOME TAX SLABS

COMMENTS

BLOGGER: 4
Loading...

$show=index

Name

. SECURITIES,4,(MNP),2,(TDS)2007-08,1,`,1,01.07.12,23,01.09.2008,1,01.10.2012,2,06.07.2009,3,07.08.2012,1,1 PERCENT EXCISE ITEMS LIST,2,1 sep,1,1% excise,2,10 year nsc,6,10(10C),1,1000 court cases judgements supplied to ITO,6,1000 rupee note,3,11-2008,1,11-2010,1,130 items,1,14.08.2008,1,15 august,2,150 Rs coin,2,15g,9,15h,10,18-12-2009,1,192(1A),5,192A,2,194 I,3,194A,4,194c from 01.10.2009,7,194H,5,194j,12,194LC,3,1981-2007,2,2% cst,1,2% excise,1,2004,1,2008,1,2008-09 FY,1,2010,2,206AA,12,234A 234B 234C,9,234c interest calculator,10,234E,14,23AC,1,23ACA,1,23B,2,24C,3,24q annexure II,4,25 paisa coin,1,271(1)(c),1,271B,2,271H,3,272B,1,27A,1,280,5,280 challan,4,281,4,282,2,283,2,29 AUGUST,2,29.04.2010.,1,29/08/2008,2,29/2008 service tax,2,2g meaning use,1,3 idiots,1,30 MARCH,4,31st March,13,32-2010,1,33 of 2009,1,35(2AA),1,35(2AB),1,3CD,15,3g meaning use,1,40(b),2,43B,4,44 AB EXEMPTED INCOME,1,44AA,1,44AB AGRICULTURE,2,44AB new limit,26,44AB NON RESIDENT,3,44ad,13,46/2012 45/2012,1,49C,1,5 day week,1,5 years post office deposit,5,5/2011,1,50 paisa coin,2,54b,19,54EC,22,54ee,1,54f,20,54gb,1,5th paycommission punjab,1,6 % excise,1,6 crore advance limit,1,6/2005,1,69/2010,1,6th cpc,5,6TH PAY COMMISSION,6,70% of pan etds,7,7th Central Pay Commission,8,8 tips to save tax,2,80C,80,80ccc,3,80CCD,12,80cce,2,80CCF,18,80CCG,6,80d,4,80DDB,11,80EE,2,80G,3,80GG,7,80GGA,5,80GGB,1,80ggc,1,80tta,2,80U,1,85% of pan etds,1,86/2008 DATED 13-08-2008,1,87A rebate,1,89(1),12,89(1) relief calculator,10,9.5 % rate for private epf,8,92E,1,95% of pan etds,5,98 dated 04/01/08,1,aadhaar,3,aakash tablet,1,aam admi,1,aar,1,Aayakar Sampark Kendra,1,abatement,13,abolished,1,ACCOUNT PAYEE DRAFT,2,Accounting,1,ACCOUNTING CODE,11,accounting code for services,6,ACCOUNTING FOR GOVT GRANTS,3,accounting standards,2,ACES,10,ADD IN,1,Add-Ins,2,additional relief in budget 2010,1,adjustment of advance FBT with advance Tax,2,advance rullings,1,advance salary,2,ADVANCE TAX CALCULATOR,10,advance tax challan,18,ADVANCE TAX CUT OFF AMOUNT,12,ADVANCE TAX DATES,18,AFFIDAVIT,2,AG Projects Technologies Ltd RT,1,age 80 addition pension,2,aibea wage revision,1,aibea wage revision latest news,1,aiboa,1,aiboc,1,aiboc wage revision,1,AIG,1,AIR,8,airline ticket booking tds,7,airlines,3,all is well,1,allowances,4,allownces,4,alphabet of inspiration,1,alteration on check allowed,3,alternate minimum tax,4,AMENDED 3CD,8,amendment in companies bill 2011,2,amendment in gratuity act 2010,5,amendment in registration service tax,4,AMENDMENT IN SERVICE TAX ON RENT,6,amendment to finance Bill 2010,1,AMNESTY SCHEME 2007,2,amt,2,Anna Hazare,2,anna hazzare bill vs govt lokpal bill,1,appeal,15,apply for new pan card against old pan card,3,aqb,1,arbitration,2,arrears of salary,4,arrears of sixth pay,6,ARRERS TAX,2,AS-12,1,ASBA,1,assessee in default,2,ASSESSMENT REOPENING,5,ASSESSMENT YEAR 2008-09 REFUND,1,atm,9,atm 100 per day,2,atm cash without card,2,atm tips,7,atm wrong debit,1,audit cases itr filing,2,audit limit enhanced,13,Audit Questionaire,1,AUDIT REPORT,40,AUS VS IND.INDIA VS SL,1,Automated teller machine,1,AUTOMATION OF CENTRAL EXCISE AND SERVICE TAX,7,ay 2010-11,1,bad debts,2,Bank,5,Bank account,13,bank audit,3,bank audit 2012,1,bank charges,14,BANK SALARY,2,bank strike 06/07/09 and 07/07/09,1,banking law amendment,1,banknotes,6,banks npa provisioning,3,BARE ACT,4,bare rules,1,BASE RATE BY BANKS,2,bcct,1,BIMAL JAIN,221,biometric pan card,2,black and white form not acceptable,2,black money,13,BLOCK PERIOD,1,blogging,1,bobay refund,1,BONUS,2,bonus share,2,book discount,5,BOOK ON EFILING,1,BOOK REVIEW,1,books of accounts,4,BOOMING INDIAN ECONOMY,3,both House rent allowance,7,both hra and house loan,15,Brass Scrap,2,BRIBE CASE,1,BROKER,2,BSE,1,bsnl broadband,1,bsnl broadband usage,1,bsnl land line sms alert,2,BSR CODES,3,BUDGET 2009,18,budget 2010,28,budget 2010-11,4,budget 2011,13,BUDGET 2012,38,budget 2013,17,BUDGET 2014,39,BUDGET 2014 CONTEST,6,budget expectations,7,BUDGET HIGHLIGHTS,11,budget live on computer,4,budget live telecast,4,budget notification,1,budget on tv,1,budget speech,12,BUDGET SPEECH DOWNLOAD,2,Budget-2014,2,Budget-2015,45,BUDGET-2016,71,BUDGET08,5,Business,4,BUSINESS AND PROFESSION MEANING,1,BUSINESS COVERED UNDER 44ab,2,BUY HOUSE,3,C FORM,5,CA CAN ONLY AUDIT MVAT,4,CA CLUB INDIA,1,CA GIRISH AHUJA,3,CA NITIN GUPTA,5,CA PARDEEP JAIN,5,CA ROHIT GUPTA,4,ca services,3,CA sudhir Halakhandi,1,CA Swapnil Munot,11,CA Vikas Khandelwal,9,calculate arrear,1,CALCULATE NEW PAY,2,calculate your emi,4,calculation of tax on salary arrears,4,CALCULATOR,55,CALCULATOR REVISED,1,capital asset,3,capital formation huf,3,Capital gain,32,capital gain account scheme 1988,9,CAPITAL GAIN INDEX,29,capital gain on repayment of loan,2,capital gain on tenancy rights,1,capital goods,2,capital revenue,1,CAPITAL SUBSIDY,3,CAR LOAN RATE INCREASE,7,carry forward of losses in late return,4,cas,1,cash flow statement,1,CASH PAYMENT DIS ALLOWANCE,3,CASH PAYMENTS EXCEEDING 20000,3,CASH SUBSIDY,2,cbdt,12,cbec,8,CBI ARRESTED,1,centeral sales tax rate,2,CENTRAL PAY COMMISSION,6,CENTRAL PROCESSING CENTER,2,CENTRALISED PROCESSING OF RETURNS,1,Cenvat,61,CENVAT Credit Rules,78,cgas 1988,3,challan,6,challan 281,10,CHALLAN 289,1,challan correction,8,challan Form 17,11,CHALLAN STATUS INQUIRY,1,change,1,change in cst rate,5,change in excise duty rates,9,CHANGE IN PAN ADDRESS,3,CHANGE IN PAN DATA,6,change in tds rates in budget,12,changes,1,CHANGES IN SERVICE TAX ACT,55,changes in new itr forms,10,CHANGES IN TDS,9,CHARGES ON CASH PAYMENT OF CREDIT CARD BILL,2,charitable organisation,3,check name from PAN,2,check tds deducted online,3,Cheque,11,cheque bounce,7,cheque payment before due date,8,cheque tender date /realisation date,4,Cheque Truncation,7,CHEQUE VALIDITY,8,child care leave,1,CHILD DEPENDENT PREMIUM,1,CHILD MARRIED PREMIUM,1,child plan,1,childeren name,1,children education allownces,7,chip based atm card,4,cibil,6,cibil for companies,3,CII 2007-08,1,CII 2008-09,2,CII 2010,1,cii 2012-13,1,CII2011-12,1,cin,2,CIRCULAR 3/2010 DT 2.03.2010,1,CIRCULAR 8-2010,1,CIT v. Emilio Ruiz Berdejo (2010) 320 ITR 190 (Bom.),1,cloning of atm card,1,clubbing of income,2,COLLECTION CHARGES,1,COLOR SCHEME,1,COMMISSION ON SMALL SAVINGS,2,common error in 2009-10,1,common error in itr 4-5-6,3,compa,1,companies bill 2012,2,COMPANIES RATE,2,COMPANY BILL 2011,6,company deposit,5,Company Law Settlement Scheme,5,COMPANY REGISTRATION,3,complusory payment of taxes,1,Composition scheme service tax,2,COMPUTER AS FAX MACHINE,1,computer sytem at ito office,1,CONCEPT PAPER,1,configure yahoo mail in outlook express,7,consolidate account statement,5,construction purchase of house,9,Consultancy Service,1,Consumer Price Index,2,continues services,1,CONTRIBUTION TO NEW PENSION SCHEME,8,CONTRIBUTORY PENSION FUND,2,CONVERT FIGURES INTO WORD EXCEL,8,COPARCENER,1,CorpMcash,1,corporation bank,3,correction etds,10,CORRECTION IN PAN DATA,8,correction in section,4,CORRECTION RETURN,6,CORRECTION RETURN.ETDS,7,cost accounting,4,cost audit,5,cost inflation index,16,cost inflation index 2012-13,2,COST INFLATION INDEX FY 2010-11,1,COST INFLATION INDEX FY 2011-12,1,COST OF INDEXATION CALCULATOR,5,court case in entry tax punjab,2,cpc phone number,6,cpf,6,Credit card,12,CREDIT CARD BILL PAYMENT ICICI BANK,6,credit scores,1,cricket team,1,critical illness,1,CROSSED DEMAND DRAFT,2,CRR,14,crr reducred,1,CS DIVESH GOYAL,59,CST,12,CST 3% OR 2 %,3,cst act 1956,1,cst form,6,CST FORM STATUS,1,cst rate changed,3,CST REDUCE RATE,4,ctt,3,currency,2,CURRENCY TRADING ILLEGAL,1,custom,4,custom changes in budget,11,cusual leave,1,DA MERGE,2,da rate,16,da rate 01.07.2012,4,da rate january 2013,4,da rate july 2012,3,da rate wef 01.01.2012,4,date extension,4,DDO ASK RENT RECIPT,1,ddt,4,dearness allowance,14,Debit card,6,DEBT EQUITY RATIO,1,debt funds,6,debt trap,1,declared goods,1,DEDUCTION 80C,6,deduction for higher studies,2,deduction on saving bank interst,2,deduction u/s 80DD,3,Deemed income of employee,1,deemed services,1,defective return,3,defence officers,1,defence pay,1,defence pay scales,2,DELAY IN FILING,3,delete ledger in tally,1,DELHI HIGH COURT,11,demat,3,deposit tax of two quarter in single challan,3,depreciation,13,depreciation on car,3,depreciation on commercial vehicle.,2,DEPRECIATION ON INTANGIBLE ASSETS,3,depreciation rate,12,depreciation rate 2009-10,3,DETAIL AFTER E FILLING,1,DETAIL OF TIN,1,Determination of value,1,DIFFRENT TYPE OF TAXES,1,digital signature,9,din,4,direct payment in bank account,1,DIRECT SUBSIDY,4,direct tax bill,6,direct tax changes in budget,17,direct tax code,39,direct tax code 2009,6,dis,1,Disability insurance,2,discussion Paper,4,distribution of salary,2,dividend distribution tax,2,dividend striping,1,dnd,1,do not call.,1,do