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Wednesday, June 4, 2014

Income Tax Rate : Tax Exemption

Income tax rate for male.
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed Rs. 1,80,000/-.NIL
2Where the total income exceeds Rs. 1,80,000/-
but does not exceed Rs. 5,00,000/-.
10% of amount
by which the total income exceeds Rs. 1,80,000/-
3Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 8,00,000/-.
Rs. 32,000/- + 20% of the amount
by which the total income exceeds Rs. 5,00,000/-.
4Where the total income exceeds Rs. 8,00,000/-.Rs. 92,000/- + 30% of the amount
by which the total income exceeds Rs. 8,00,000/-.


Income tax rate for Female.
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed Rs. 1,90,000/-.NIL
2Where total income exceeds Rs. 1,90,000/-
but does not exceed Rs. 5,00,000/-.
10% of the amount
by which the total income exceeds Rs. 1,90,000/-.
3Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 8,00,000/-.
Rs. 31,000- + 20% of the amount
by which the total income exceeds Rs. 5,00,000/-.
4Where the total income exceeds Rs. 8,00,000/-.Rs. 91,000/- + 30% of the amount
by which the total income exceeds Rs. 8,00,000/-.


Income tax rate for individual resident who is of the age of 60 years or more but below the age of 80 years.
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed Rs. 2,50,000/-.NIL
2Where the total income exceeds Rs. 2,50,000/-
but does not exceed Rs. 5,00,000/-
10% of the amount
by which the total income exceeds Rs. 2,50,000/-.
3Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 8,00,000/-
Rs. 25,000/- + 20% of the amount
by which the total income exceeds Rs. 5,00,000/-.
4Where the total income exceeds Rs. 8,00,000/-Rs. 85,000/- + 30% of the amount
by which the total income exceeds Rs. 8,00,000/-.


Income tax rate for individual resident who is of the age of 80 years or more at any time during the previous year.
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed Rs. 5,00,000/-.NIL
2Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 8,00,000/-
20% of the amount
by which the total income exceeds Rs. 5,00,000/-.
3Where the total income exceeds Rs. 8,00,000/-Rs. 60,000/- + 30% of the amount
by which the total income exceeds Rs. 8,00,000/-.


Association of Persons (AOP) and Body of Individuals (BOI).
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed Rs. 1,80,000/-.NIL
2Where the total income exceeds Rs. 1,80,000/-
but does not exceed Rs. 5,00,000/-.
10% of amount
by which the total income exceeds Rs. 1,80,000/-
3Where the total income exceeds Rs. 5,00,000/-
but does not exceed Rs. 8,00,000/-.
Rs. 32,000/- + 20% of the amount
by which the total income exceeds Rs. 5,00,000/-.
4Where the total income exceeds Rs. 8,00,000/-.Rs. 92,000/- + 30% of the amount
by which the total income exceeds Rs. 8,00,000/-.


Co-operative Society.
 Income Tax Slab (in Rs.)Income Tax Rate
1Where the total income does not exceed
Rs. 10,000/-.
10% of the income.
2Where the total income exceeds Rs. 10,000/-
but does not exceed Rs. 20,000/-.
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
3Where the total income exceeds Rs. 20,000/-Rs. 3.000/- + 30% of the amount
by which the total income exceeds Rs. 20,000/-.

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