Income Tax Exemption Limit – 2013-14

I. Individuals (Below 60years)

Up to Rs 2 lakh  :  No tax

From Rs 2 lakh to 5 lakh : 10%

From Rs 5 lakh to 10 lakh : 20%

Above Rs 10 lakh : 30%

Education Cess: 3% of the Income-tax.

(** Tax credit of Rs. 2000/-  if income does not exceed Rs. 5,00,000/-)

Note : There are no more separate income tax slabs for men and women. The slabs mentioned here are equal to both men and women.

II. Senior Citizens ( Above 60 years but below 80 years)

Up to Rs 2.5 lakh : No tax

From Rs 2.5  lakh to 5 lakh : 10%  From Rs 5 lakh to 10 lakh : 20%

Above Rs 10 lakh : 30%

Education Cess: 3% of the Income-tax.

(** Tax credit of Rs. 2000/-  if income does not exceed Rs. 5,00,000/-)

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III.   Very Seniors Citizens ( Above 80 years)

Up to Rs 5 lakh: No tax

From Rs 5 lakh to 10 lakh: 20%

Above Rs 10 lakh: 30%

Education Cess: 3% of the Income-tax.

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Income tax Structure 2013-14 (Assessment Year 2013-14) – Budget highlights

-> No revision in Income tax slabs
-> Income Tax Credit of Rs.2000 to Every Person with Total Income up to 5 Lakhs
-> Surcharge of 10% on income more than Rs. 1 crore
-> Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs