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.