For Male Individuals below 60 years (Resident of India)
INCOME TAX RATES
UP TO 200000 0
200001 TO 500000 10%
500001 TO 1000000 20%
1000001 and above 30%
Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Illustration:
Total Taxable Income of Mr. X for Financial Year 2013-14 is Rs.1200000/=
Calculate Income Tax Payable. Mr. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 200000 200000 0 0
200001 to 500000 300000 10% 30000
500001 to 1000000 500000 20% 100000
1000001 to 1200000 200000 30% 60000
TOTAL 1200000 190000
Income Tax 190000
Add:E.C. 2% 3800
Add: S&HEC 1% 1900
Total Tax Payable 195700
For Women below 60 years (Resident of India)
INCOME TAX RATES
UP TO 200000 0
200001 TO 500000 10%
500001 TO 1000000 20%
1000001 and above 30%
Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Illustration:
Total Taxable Income of Mrs. X for Financial Year 2013-14 is Rs.1400000/=
Calculate Income Tax Payable. Mrs. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
  Income   Tax
Up to 200000 200000 0 0
200001 to 500000 300000 10% 30000
500001 to 1000000 500000 20% 100000
1000001 to 1400000 400000 30% 120000
TOTAL 1400000 250000
Income Tax 250000
Add:E.C. 2% 5000
Add: S&HEC 1% 2500
Total Tax Payable 257500
For Senior Citizens – Age between 60 and 80 years (Resident of India)
INCOME TAX RATES
UP TO 250000 0
250001 TO 500000 10%
500001 TO 1000000 20%
1000001 and above 30%
Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Senior Citizen means every individual, who is of the age of
sixty years or more but less than eighty years at any time during the
financial year 2013-14 (Assessment Year 2014-15)
For Very Senior Citizens – Age 80 years and above (Resident of India)
INCOME TAX RATES
UP TO 500000 0
500001 TO 1000000 20%
1000001 and above 30%
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
No Surcharge will be charged on Income Tax Payable
Very Senior Citizen means every individual, who is of the age of
eighty years or more at any time during the
financial year 2013-14 (Assessment Year 2014-15)

INCOME TAX RATES  FOR REGISTERED PARTNERSHIP FIRMS

Flat rate 30% on net income of registered partnership firm and 2% Education Cess and 1% Senior & Higher Education Cess shall be added on amount of income tax.

 DEOMESTIC COMPANIES

lat rate 30% on net income of domestic companies (whether public limited companies or private limited companies) and 2% Education Cess and 1% Senior & Higher Education Cess shall be added on amount of income tax.

RELATED TERMS: