Skip to main content

Income Tax Slab for the Financial Year 2013-2014

Finance minister Mr. Chidambaram did not make any changes to the income tax slabs in his budget speech presented on 28th of February, 2013 except an additional 10% tax for the 'super rich' people and a small deduction of Rs.2000 for those under 5Lakh limit.

Also there are no major changes to the existing tax rules nor additions to save income tax.

Find below the tax slabs for 2013-2014:

Click here to know how to save maximum income tax

Income tax slabs - General Category for the FY 2013-2014

Income tax slabTax
0 to 2,00,000No tax
2,00,001 to 5,00,00010 percentage
5,00,001 to 10,00,00020 percentage
Above 10,00,00030 percentage

Income tax slabs - Women for the FY 2013-2014

Income tax slab (in Rs.)Tax
0 to 2,00,000No tax
2,00,001 to 5,00,00010 percentage
5,00,001 to 10,00,00020 percentage
Above 10,00,00030 percentage

Income tax slabs - Senior citizen(60 to 80) for the FY 2013-2014

Income tax slab (in Rs.)Tax
0 to 2,50,000No tax
2,50,001 to 5,00,00010 percentage
5,00,001 to 10,00,00020 percentage
Above 10,00,00030 percentage

Income tax slabs - Very Senior citizen(above 80) for the FY 2013-2014

Income tax slab (in Rs.)Tax
0 to 5,00,0000 percentage
5,00,001 to 10,00,00020 percentage
Above 10,00,00030 percentage

Additional changes to income tax rules for 2013-2014

Tax Credit of Rs.2,000 - A tax deduction of Rs.2,000 is allowed if the annual income is between 2Lakh and 5Lakh.

10% surcharge - A surcharge of 10% is applicable for individuals earning above Rs.1 Crore(classified as 'super rich')

Changes to Tax Saving Options

  • Rajiv Gandhi Equity Savings Scheme - Section 80CCG - Increased the income limit to 12Lakhs and the period extended to 3 years.
  • Section 80EE - New home buyers can declare additional 1Lakh interest if the cost of the property is below 40Lakh and the loan amount is below 25Lakh.
  • National Children Fund - Section 80G now includes National Children Fund which exempts tax for donations paid to specified institutions.

Also read How to save maximum income tax

Comments

Popular posts from this blog

HDFC Bank introduces Missed Call Service to know Account Balance

Missed call is a powerful business tool in developing countries like India where customers give a miss call to specific phone numbers for getting account details, providing feedback, voting etc. On receiving a missed call from a registered phone number, the underlying app performs a phone number lookup and sends the data to the caller via text message(SMS) or records the call details for future processing.HDFC Bank recently introduced missed call service for its retail customers which allows to retrieve bank account details, mini statement etc. by simply giving a miss call to their toll free numbers.Following services are now available: 1800 270 3333 - Account Balance 1800 270 3355 - Mini Statement 1800 270 3366 - Request for new Cheque Book 1800 270 3377 - Request for Bank account statement Also you can download HDFC Mobile Banking Application by giving a missed call to : 1800 270 3344. Other banks providing missed call serviceAxis bank(known as Axis Dial) - 09225892258Bank of India…

Induction Cooker Showing an Error Code? Induction Cooker Error Codes Explained

Are you searching for Induction Cook-top error codes? Here you can find the error codes of all popular induction cooktops and how to troubleshoot it.

These are for your reference only, do not try to open your cooktop without proper safety measures, we advise you to call the service person if any servicing is needed.

If you want to know how Induction Cook-top works, read our previous article titled What is Induction Cooker? How Induction Cooker Works?.

Whirlpool Induction Cooker Error CodesError CodeErrorSolutionF0An internal error was detected.Disconnect power. Wait 5 seconds before reconnecting power. If the symbol appears again, call for service.F2The surface cooking area is too hot and has turned off.Remove the pans from the surface cooking area. "F2" will disappear when the surface cooking area has cooled. If you turn the surface cooking area back on and "F2" reappears, the cooktop is still too hot. Turn off the surface cooking area and allow it to cool.F4The po…

LICHFL - Generating Home Loan Statements Online

Generating an online statement from LIC Housing Finance Ltd is very easy, simply follow the below steps to create an online account with LICHFL and generate statements online! You may use the online generated statement as a proof for principal paid for a housing loan(under section 80C) and interest paid(under section 24) while filing income tax returns.* Want to know how to save maximum income tax? Read our most read article how to save maximum income tax (opens in new tab).* Paying high interest to LICHFL? Learn how to reduce interest on your existing home loan (opens in new tab).
Before reading further, make sure you have the following information with you: Your Loan Account NumberSanctioned AmountStep 1 - Open LICHFL websiteVisit LICHFL website and click on the 'New Customers? Click Here' link(refer the below screenshot). Step 2 - Enter your loan account detailsFill in the following details: New Loan NumberSanctioned AmountDate of BirthSecurity Codeand click on the Submit b…