1. |
Income Tax Rates For Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals and Artificial juridical persons |
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Total Income |
Tax Rates |
Up to Rs. 2,00,000 (a)(b) |
NIL |
Rs. 2,00,001 to Rs. 5,00,000 |
10% |
Rs. 5,00,001 to Rs. 10,00,000 |
20% |
Rs. 10,00,001 and above |
30% |
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(a) In the case of a resident individual of the age of 60 years or above but below 80 years, the basic exemption limit is Rs. 2,50,000. (b) In case of a resident individual of age of 80 years or above, the basic exemption limit is Rs. 5,00,000. (c) Surcharge @ 10% is applicable on income exceeding Rs. 1 crore; Marginal relief for such person is available. (d) Education cess is applicable @ 3% on income tax plus surcharge. (e) Finance Bill 2013 proposes a rebate of Rs 2,000 for individual having total income upto Rs 5 Lacs. |
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2. |
Securities Transaction Tax (STT) STT is levied on the value of taxable securities transactions as under. |
|
Transaction |
Rates |
Payable By |
Purchase/ Sale of equity shares |
0.1% |
Purchaser/Seller |
Purchase of units of equity oriented mutual fund (delivery based) @ |
Nil |
Purchaser |
Sale of , units of equity oriented mutual fund (delivery based) @ |
0.001% |
Seller |
Sale of equity shares, units of equity oriented mutual fund (non-delivery based) |
0.025% |
Seller |
Sale of a option in securities |
0.017% |
Seller |
Sale of an option in securities, where option is exercised |
0.125% |
Purchaser |
Sale of a futures in securities @ |
0.010% |
Seller |
Sale of unit of an equity oriented fund to the Mutual Fund @ |
0.001% |
Seller |
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@ effective 1 June 2013 |
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3. |
Special rates for non-residents (1) The following incomes in the case of non-resident are taxed at special rates on gross basis: |
|
Transation |
Rate (a) |
Dividend (b) |
20% |
Interest received on loans given in foreign currency to Indian concern or Government of India |
20% |
Income received in respect of units purchased in foreign currency of specifies Mutual Funds / UTI |
20% |
Royalty or fees for technical services |
25% |
Interest income from a notified infrastructure debt fund |
5% |
Interest on FCCB, FCEB / Dividend on GDRs(b) |
10% |
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(a) These rates will further increase by applicable surcharge and education cess. (b) Other than dividends on which DDT has been paid. (c) In case the non-resident has a Permanent Establishment (PE) in India and the royalty/ fees for technical services paid is effectively connected with such, the same could be taxed at 40% (plus applicable surcharge and education cess) on net basis. |
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(2) Tax on non-resident sportsmen or sports association on specified income @ 10% plus applicable surcharge and education cess. |
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4. |
Capital Gains |
|
Transaction |
Short-term capital gains tax rates (a) |
Long-term capital gains tax rates (a) |
Sale transactions of equity shares / unit of an equity oriented fund which attract STT |
15% |
NIL |
Sale transaction other than mentioned above: |
Individuals (resident and non-residents) |
Progressive slab rates |
20% with indexation; 10% without indexation (for units/ zero coupon bonds) |
Partnership (resident and non-residents) |
30% |
Resident Companies |
30% |
Overseas financial organisations specified in section 115AB |
40% (corporate) 30% (non corporate) |
10% |
FIIs |
30% |
10% |
Other Foreign companies |
40% |
20% / 10% |
Local authority |
30% |
10% without indexation (for units/ zero coupon bonds) / 20% (for others) |
Co-operative society rates |
Progressive slab |
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(a) These rates will further increase by applicable surcharge & education cess. |
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Personal Tax Scenarios (Amount in Rupees) |
Individual |
Income Level |
5,00,000 |
5,000,000 |
11,000,000 |
Tax in FY 2012-13 |
30,900 |
1,369,900 |
3,223,900 |
Tax in FY 2013-14 |
28,900 |
1,369,900 |
3,546,290 |
Effective Tax Savings |
2,000 |
Nil |
NA |
Effective Tax Savings |
6.47% |
0% |
NA |
Additional Tax Burden |
NA |
Nil |
322,390 |
Additional Tax Burden |
NA |
0% |
10% |
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Resident senior citizen (age of 60 years but below 80 years) |
Income Level |
5,00,000 |
50,00,000 |
11,000,000 |
Tax in FY 2012-13 |
25,750 |
1,364,750 |
3,218,750 |
Tax in FY 2013-14 |
23,750 |
1,364,750 |
3,540,625 |
Effective Tax Savings |
2,000 |
Nil |
NA |
Effective Tax Savings |
7.77% |
0% |
NA |
Additional Tax Burden |
NA |
Nil |
321,875 |
Additional Tax Burden |
NA |
0% |
10% |
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Resident very senior citizen at the age of 80 years and above |
Income Level |
5,00,000 |
5,000,000 |
11,000,000 |
Tax in FY 2012-13 |
Nil |
1,339,000 |
3,193,000 |
Tax in FY 2013-14 |
Nil |
1,339,000 |
3,512,300 |
Effective Tax Savings |
NA |
Nil |
NA |
Effective Tax Savings |
NA |
0% |
NA |
Additional Tax Burden |
NA |
Nil |
319,300 |
Additional Tax Burden |
NA |
0% |
10% |
Marginal relief as applicable would be available |
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