Income tax rules for fy 2013-14 pdf

However income tax slabs and rates will remain unchanged for the fy201920. The focus of presentation is to give you a quick, simple yet exhaustive list of tax saving sections options and respective investments. Income tax exemption rules for the salaried employee. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Applicable tax rates in fy 2012 ay 2014 for individuals april 22, 20 by alok patnia the slab of income tax rates for fy 2012 ay 2014 is to some extent different from that of slab of fy 1112 ay 2012. We have outlined below the instructions to be followed for use of calculators and tax rules. Hra income tax calculator for fy 2014 income tax slab for fy 2014 investment option for sec 80c lta save tax fy 2014 sec 24 sec 80c sec 80ccc sec 80ccd sec 80ccg sec 80d sec 80dd. For financial year 2014, additional surcharge called the education cess on income tax and secondary and higher education cess on income tax shall continue to be levied at the rate of two per cent. Here is the ready reckoner of tax slabs for the financial year 2014 which.

Cess and surcharge on income tax payable in the new proposed personal tax regime remain the same as in the existing tax regime. Laws of kenya income tax act chapter 470 revised edition 2018 2012 published by the national council for law reporting with the authority of the attorneygeneral. Calculation of income tax for salaried employees bnn lakshmaji rao, assistant accounts. Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. This should not be used to compute the actual taxes to be paid to the government. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. Partyear residents and nonresidents calculate their colorado income tax liability by first calculating a tentative colorado income tax liability as if they were a full year colorado resident. Tax essentials for individuals 2014 tax rates the income tax.

Depreciation chart as per income tax act for fy 2012. The table below shows the summary of tax slabs for fy 2014. In the aforesaid rules, in rule 81b, a in subrule 2, in the first proviso, for the full stop at the end, a colon shall be. Income tax deduction rules for salaried employees 201920. Income tax at a glance among direct taxes, income tax is the main source of revenue. New income tax slabs for ay 1415 for resident senior citizens above 60 years. If the employee is paying the rent and getting the allowance from the employer then.

These rules may be called the income tax rules, 1984. You are required to calculated by looking into the options that you fits in and then based on your total income for the financial year. Union budget 2014 presented by p chidambaram today kept income tax rates unchanged in view of rising fiscal deficit. Income tax surcharge calculations since fy 20 14 erp. Based on the age group tax rates are specifically defined. Who should file income tax return 2014 assessment year.

As per new provision of tax deduction at source tds under the income tax act. Income tax slabs for financial year 2014 goodreturns. We are releasing the ebook on tax planning which tells you how to save income tax for fy 201819 ay 201920 for both salaried and professionals. At the bottom of this page, you can find another link which explains the latest calculation scenarios for surcharge calculations as per the latest rules and slabs of financial year 2017 18. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance. X a uk citizen, came to india for the first time during the fy 2014. As it is announced by fm that no revision in income tax structure for the year 2014 assessment year 201415, the income tax structure for the year 2012 to continue which given as follows. Sro dated the 27th february, 2015, as required by sub section 3 of the said section, namely.

The effective tax rate for individuals with taxable income up to rs 5 lakh would be nil under both the new and the existing tax regime as these individuals would be able to avail the tax benefit of rebate up to rs 12,500 under section 87a under both regimes. The slide lists down some rules under which these allowances are tax free. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 2 marginal relief. Lets get the insights of the income tax slabs for fy 201819 ay 201920 income tax slab for resident individual aged less than 60 years059 years same slab rates shall apply for both male and female resident taxpayers. In case of individual other than ii and iii below and huf. In the case of a noncorporate taxpayer to whom the provisions of alternate minimum tax amt applies, tax payable cannot be less than 18. Tax act1961, and managed by the central board of direct taxes cbdt. Income tax is imposed on the basis of ability to pay. This is a short 43 slide power point presentation in pdf which covers all the tax saving sections and investments applicable for tax payers. His stay in india for fy 2014, 201415, 201516, 201617 201718 and 201819 are as follows. Income tax slab for filing tax return on income in india.

Full income tax slabs, education cess, surcharge and higher education cess for financial year 2012 are as follows. If you continue, tabs opened first shall be closed. As such if an individual including salaried employees with age less than 60 years and whose income was rs. The rates for deduction of income tax at source from salaries during the financial year 2014 and also for computation of advance tax payable during the said year in the case of all categories of assessees have been specified in part iii of the first schedule to the bill. The computational practical problems have been solved on the basis of the provisions of income tax laws applicable for ay 201920 i. Download complete tax planning guide in pdf for salaried. For individuals below 60 years age including woman assessees. The benefit of increas standard deduction shall be available to salaried persons and pensioners. Income tax 2014 changes made in income tax provisions in the union budget 2014 which would affect salaried class income tax structure and provisions relating to central government employees and pensioners for the year 2014 assessment year 201415. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 2014. Assessment year 2014, relevant to financial year 2012. Click here to save tax with hdfc lifes various online insurance products. Income tax rates for fy 2014 assessment year 201415.

In the budget 20 announcement the tax slabs has been broadened for men and senior citizens by the indian finance ministry. Few of the provisions under income tax act and relevant income tax rules are given below. This is the income tax slabs for financial year 2012 and the analysis year 2014. Rebate of income tax us 87a in case of ii certain individual where net taxable income is upto rs. Various books has been written on the subjects concerning income tax, excise, service tax, vat, and other local and central taxes levied in india. Income tax rates for assessment year 2014 for resident senior citizen of 60 years or more but below the age of 80 years at any time during the. All india taxes ready referencer 2014 young global publications. The following draft of certain further amendments in the income tax rules, 2002, which the federal board of revenue proposes to make in the exercise of the powers conferred by subsection 1 of section 237 of the income tax ordinance, 2001 xlix of. Fill up the relevant details to know your tax liability for fy 2014 income tax slabs for fy 20 14 education cess of 3% surcharge of 10% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female income tax slab tax up to rs. The purpose of this wiki is to understand the pyin topic surcharge calculation as per the income tax law since financial year 2014.

Division one 1 incometax rules, 1962 u arrangement of rules i1 u text of the incometax rules, 1962 as amended upto date 1. Income tax 2014 changes in budget affecting salaried. There are three categories in income tax slabs which is for individual, senior citizen and senior citizen with the age of 80 years and more. The study material is based on the provisions of income tax law as amended by the finance act, 2018.