Recheck your Tax Liability for FY 2013-14

Closing of Financial Year is two days away and you may like to view your Tax Credit (TDS) statement (Form 26 AS) on TRACES portal of Income Tax department to check your TDS and compare it with your tax liability.

 

                                                 Income Tax Slabs(FY 2013-14)

                                                                       For Men                                    (Amount in Rs)

1

Up to  2,00,000

No tax / exempt

2

2,00,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

 

                                                                     For Women                                  (Amount in Rs)

1

Up to 2,00,000

No tax / exempt

2

2,00,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

 

                                                        For  Senior Citizens > 60 years                                           (Amount in Rs)

1

Up to 2,50,000

No tax / exempt

2

2,50,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

 

                                                       For  Senior Citizens > 80 years                                            (Amount in Rs)

1

Up to  5,00,000

No tax / exempt

2

5,00,001 to 10,00,000

20%

3

Above 10,00,000

30%

  • For income > Rs.1 Cr, additional surcharge is 10%.
  • For all the slabs, education cess is 3%.
  • For FY 2013-14, additional deduction of Rs.2, 000/- for income< Rs.5, 00,000/-.

 Permissible deductions

Sections

Maximum deduction

Eligible Investments

80C

Rs.100,000/-

Home loan principal repayment, Life Insurance Premium(SA>10 times annual premium), PPF,NSC, ULIP, ELSS, Senior citizen scheme, Annuity contribution

80D

Rs. 15,000/-

Health insurance premium

80DD

i) Rs. 50,000/- p.a.

ii) Rs.100,000/- p.a.

(For severe diseases)

Medical treatment of a dependent physically disabled person

80DDB

Rs.40,000/- ;

Rs.60,000/-(Senior citizens)

Expenses on self or dependants for specific  diseases

80E

Full Amount

Interest on Education loan for higher education.

80G

50% - 100% of  donation

Donations to approved charitable institutions

80GG

Rs.24,000/-

Rent payment for  accommodation

80GGC

Full Amount

Contribution by individual to a registered political party

80TTA

Rs.10,000/-

Interest in savings bank accounts and post office deposits.

80U

i) Rs. 50,000/- p.a.

ii)Rs.100,000/- p.a.(Severe disability)

Tax exemption for disability

 Home Loan interest deduction U/s 24(B)

 

Self occupied

Rs. 1, 50,000/-

Rented out

Full interest

First time buyer  in (FY 2013-14)*

Rs 1,00,000/-

(Additional)

*The value of residential house  not exceeding Rs.40,00,000 and the  loan sanctioned  not exceeding Rs.25,00,000

 

Last modified on Saturday, 19 July 2014 07:42

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial Planner from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.

6 comments

  • Sujata Aniruddha Sapkal

    posted by Sujata Aniruddha Sapkal

    Monday, 27 July 2015 09:41

    Essential information presented in a very simple and accurate way.

    Its important to know your actual tax liabilities and exemptions under different sections of income tax act.

    Report
  • Suresh

    posted by Suresh

    Tuesday, 01 April 2014 05:44

    Good one

    Report
  • durga

    posted by durga

    Saturday, 29 March 2014 06:28

    good article useful for everyone

    Report
  • subhra

    posted by subhra

    Saturday, 29 March 2014 06:20

    very useful article

    Report
  • Priti

    posted by Priti

    Saturday, 29 March 2014 05:48

    Good article

    Report
  • Satej

    posted by Satej

    Saturday, 29 March 2014 05:10

    Helpful information

    Report

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