Income Tax Slab for Individuals (A.Y. 2013-14) (F.Y. 2012-13)

If you are searching for the income tax slab or income tax rates for A.Y. 2013-14 or F.Y.2012-13 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax.

To find out income tax through the income tax slab for A.Y. 2013-14, you have to find out the category in which you belong. There are total 9 categories of persons described by the income tax act/income tax department. So all have different income tax rates according to their category.

Categories of persons

Individuals

• Persons who are below than 60 years of age.
• Persons who are more than 60 years of age but below than 80 years. They comes under senior citizens category.
• Person who are more than 80 years of age. They comes under very senior citizens category.

Corporate

• Association of Person & Body of Individuals
• Firms
• Co-Operative Society
• Local Authorities
• Domestic Companies
• Other Companies

We have listed here only the income tax slab for individuals for A.Y. 2013-14 or A.Y.2012-13). In other words if you belong to the category of Individuals and wants to calculate the income tax for the income earned during the year from 1-4-2012 to 31-3-2013, then this income tax rates applicable to you.

Income Tax Slab for Individuals (Below Than 60 Years of age)

If your income is Rs. 2,00,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,00,000 (Two Lakh) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,00,000/- (Two Lakh)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.30,000/- (Thirty Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (10 Lakh) – Tax is Rs.1,30,000/- (One Lakh Thirty Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (Ten Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 60 years of age or more but below than 80 years of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 2,50,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,50,000 (Two Lakh Fifty Thousand) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,50,000/- (Two Lakh Fifth Thousand)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.25,000/- (Twenty Five Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,25,000/- (One Lakh Twenty Five Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 80 years (Senior Citizens) of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 5,00,000/- (Five Lakh) then your tax is NIL

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,00,000/- (One Lakh) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.