NEW REVISED INCOME TAX SLAB RATES FOR SALARIED CLASS AS PER AMENDED FINANCE BILL 2013

As per amended Finance Bill, following is the revised taxable income of salaried persons and the rate of tax to provide relief to the salaried class:

  1. Where the taxable income does not exceed Rs 400,000, rate of tax is 0%;
  2. where the taxable income exceeds Rs 400,000 but does not exceed Rs 750,000, rate of tax is 5% of the amount exceeding Rs 400,000;
  3. where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,400,000, rate of tax is Rs 17,500 + 10% of the amount exceeding Rs 750,000;
  4. where the taxable income exceeds Rs 1,400,000 but does not exceed Rs 1,500,000, rate of tax is Rs 82,500 + 12.5% of the amount exceeding Rs 1,400,000;
  5. where the taxable income exceeds Rs 1,500,000 but does not exceed Rs 1,800,000, rate of tax is Rs 95,000 + 15% of the amount exceeding Rs 1,500,000;
  6. where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,500,000, rate of tax is Rs 140,000 + 17.5% of the amount exceeding Rs 1,800,000;
  7. where the taxable income exceeds Rs 2,500,000 but does not exceed Rs 3,000,000, rate of tax is Rs 262,500 + 20% of the amount exceeding Rs 2,500,000;
  8. where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, rate of tax is Rs 362,500 + 22.5% of the amount exceeding Rs 3,000,000;
  9. where the taxable income exceeds Rs 3,500,000 but does not exceed Rs 4,000,000, rate of tax is Rs 475,000 + 25% of the amount exceeding Rs 3,500,000;
  10. where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000; rate of tax is Rs 600,000 + 27.5% of the amount exceeding Rs 4,000,000;
  11. where the taxable income exceeds Rs 7,000,000, rate of tax is Rs 1,425,000 + 30% of the amount exceeding Rs 7,000,000.

TO SEE FINAL APPROVED SALARY INCOME TAX RATES FOR TAX YEAR 2013, PLEASE CLICK HERE