Income tax rates are one thing which every common man is worried about. The finance minister, P Chidambaram in his Budget 2013-14 kept the income tax rates unchanged. The table below shows the summary of tax slabs for FY 2013-14.
There are two minor changes:
- Super rich have to pay more taxes. A surcharge of 10% on Rs 1 crore plus income earners have been imposed. This is for one year only and would impact about 42,800 people only
- The middle class with income of up to Rs 5 lakhs would receive tax credit of Rs 2,000 for FY 2013-14. This essentially means people with income up to Rs 5 lakhs have reduced tax burden of Rs. 2,060 for FY 2013-14.
As we have done previously for previous financial years, here is the first version of the income tax calculator for FY 2013-14. This calculator is in Excel format and can be downloaded.
Limitations of the Calculator:
- This calculates Income tax only for people who have no losses/gains from House property or have a maximum of 1 House.
I would try to incorporate these in the next versions of the calculator.
Your suggestions are welcome!
This is how the calculator looks like.
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