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Current tax slab for senior citizen for financial year 2013-14 , assessment year 2014-15 in india

Historical Rate

Tax slab for fy 2012-13 ay 2013-14

 

 

  Tax Slab for Senior citizen 2013-14

 

 

 

 
 
 

 

 

 

 

 

 

 

 

Following is the tax slab for individuals aged above 60 years

 

Slab Tax Rate Example for explanation
Net taxable income  is below Rs 500000 NIL  
Net taxable income is between Rs 500000 to Rs1000000  20% on income above Rs 500000 For example if your net taxable income is Rs 750000. You need to pay Nil on first 500000 and for remaining income tax will 20% i.e. 250000*20%=50000. hence your tax will be Rs Nil + Rs 50000=Rs 50000. Also add 3% cess on 50000 i.e. 1500 hence your total tax will be Rs 51500
Net taxable income is above 1000000 100000 Plus 30% on income above Rs 1000000 For example if your net taxable income is Rs 1500000. You need to pay 100000 on first 1000000 and for remaining income tax will be 30% i.e. 500000*30%= Rs 150000. hence your tax will be Rs 100000 + Rs 150000=Rs 250000 Also add 3% cess on 250000 i.e. 7500 hence your total tax will be Rs 257500
Slab Tax Rate Example for explanation
Net taxable income  is below Rs 250000 NIL  
Net taxable income is between Rs 250000 to Rs 500000 10 % on income above Rs 250000 less rebate of Rs 2000 For example if your net taxable income is Rs 350000. First the basic exemption of Rs 250000 will be deducted out of Rs 350000 i.e. 350000-250000=Rs 100000 and  tax will be calculated as 100000*10%.=Rs 10000. Also add 3 % cess on 10000 i.e. 300 hence your total tax will be Rs 10300 less 2060= 8240.00
Net taxable income is between Rs 500000 to Rs1000000 Rs 25000 Plus 20% on income above Rs 500000 For example if your net taxable income is Rs 750000. You need to pay 25000 on first 500000 and for remaining income tax will 20% i.e. 250000*20%=50000. hence your tax will be Rs 25000 + Rs 50000=Rs 75000. Also add 3% cess on 75000 i.e. 2250 hence your total tax will be Rs 77250
Net taxable income is above 1000000 125000 Plus 30% on income above Rs 1000000 For example if your net taxable income is Rs 1500000. You need to pay 125000 on first 1000000 and for remaining income tax will be 30% i.e. 500000*30%= Rs 150000. hence your tax will be Rs 125000 + Rs 150000=Rs 275000 Also add 3% cess on 275000 i.e. 8250 hence your total tax will be Rs 283250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Following is the tax slab for individuals aged above 80 Years

 

 

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