**iLearning **

**Income Tax iLearning**

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**