What is the income tax rate for AY 2013 14?

What is the income tax rate for AY 2013 14?

Income Tax Slab & Deductions FY 2013-14

For Men below 60 years of age For Senior Citizens (Age 80 years or more)
Rs. 2,00,000 Nil Nil
Rs. 2,00,001 – Rs. 500,000 10% 20%
Rs. 500,001 – Rs. 10,00,000 20% 30%
Above Rs. 10,00,000 30%

What are tax brackets in India?

Income Tax Slab New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF)
Rs 2.5 lakh – Rs 3.00 lakh 5% (tax rebate u/s 87a is available)
Rs 3.00 lakh – Rs 5.00 lakh
Rs 5.00 lakh- Rs 7.5 lakh 10%
Rs 7.5 lakh – Rs 10.00 lakh 15%

Which income is not taxable in India?

✅What is the amount of tax-free income? According to new and old tax regimes, an individuals income below ₹ 2.50 Lakh is exempted from tax. However, you can claim tax rebate on income upto ₹ 5 Lakh and make it tax free.

Which income is exempted from tax in India?

Income Exempt From Tax As Per Section 10

Section 10(1) Income earned through agricultural means
Section 10(8B) Income earned by a consultant’s staff or employees
Section 10(9) Income earned by any family member of a foreign employee in India under the Cooperative Technical Assistance Program
Section 10(10) Gratuity

How do I calculate taxable income in 2020?

In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions. What’s left is taxable income. Then we apply the appropriate tax bracket (based on income and filing status) to calculate tax liability.