What percentage of tax is income tax in India?
Income Tax Slabs & Rates 2020-2021
| Income Tax Slab | Tax rates as per new regime |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹ 5,00,000 | 5% |
| ₹5,00,001 – ₹ 7,50,000 | ₹12500 + 10% of total income exceeding ₹5,00,000 |
| ₹7,50,001 – ₹ 10,00,000 | ₹37500 + 15% of total income exceeding ₹7,50,000 |
Which is the assessment year the financial year 2012 2013?
Income Tax Rates: AY 2013-14 (FY 2012-13) – Smart Paisa.
How much salary is taxable in India?
| Income Range | Tax rate | Tax to be paid |
|---|---|---|
| Up to Rs.2,50,000 | 0 | No tax |
| Between Rs 2.5 lakhs and Rs 5 lakhs | 5% | 5% of your taxable income |
| Between Rs 5 lakhs and Rs 10 lakhs | 20% | Rs 12,500+ 20% of income above Rs 5 lakhs |
| Above 10 lakhs | 30% | Rs 1,12,500+ 30% of income above Rs 10 lakhs |
What is Section 234A of Income Tax Act?
Section 234A: Interest for defaults in furnishing return of income. The interest levied for delay in filing the return of income comes under section 234A of the Income Tax Act. If the taxpayer files their income tax return after the due date specified by the authorities, an interest under this section will be levied.
Which is the income tax slab for 2013-14 in India?
Please click on the links below to view the Income Tax (also written shortly as I. tax or Inc. tax) Slabs and Rates for the Assessment Year 2013-14 (applicable on income earned during 01.04.2012 to 31.03.2013) for various categories of Indian Income Tax payers.
Which is the tax rate for AY 2014-15?
Income Tax : 30% of taxable income.Calculate Tax Liability for AY 2014-15 Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
When does income tax year 2013-14 start?
Income Tax Rates for the assessment year 2013-14 will be applicable to the financial year ending 31st March 2013. This means its application for the income generated between the 1st of April 2012 to 31st March 2013. Different slab rates are mentioned in IT act for different categories of persons and based on this a person is taxable under IT act.
What are the income tax rates in India?
These rates are subject to enactment of the Finance Bill 2012. The rates are for the previous Year 2012-13: 1. Income Tax Rates 1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals